Intel Shares Plunge on Layoffs, Foundry Pullback

Announcing its second-quarter results on July 24, Intel Corp. said it is moving ahead with plans to cut about 15 percent of its staff by year’s end and scale back its plans to build chip facilities overseas. Its shares plunged more than 9 percent during the July 25 trading session.

The Santa Clara, California-based technology firm expects to maintain a core workforce of about 75,000—a reduction from 108,900 employees as of December 2024.