Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet

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"I need less people at headquarters, more people in the field, supporting customers." - CEO Pat Gelsinger

"I need less people at headquarters, more people in the field, supporting customers." - CEO Pat Gelsinger

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Intel's shares plummeted 20%, losing more than $24 billion in market value.

Intel's shares plummeted 20%, losing more than $24 billion in market value.

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 Intel has also suspended its dividend starting in the fourth quarter.

 Intel has also suspended its dividend starting in the fourth quarter.

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Intel plans to cut operating expenses and capital expenditure by more than $10 billion in 2025.

Intel plans to cut operating expenses and capital expenditure by more than $10 billion in 2025.

Intel (INTC.O), opens new tab said on Thursday it would cut more than 15% of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.