SAN FRANCISCO: Intel reported higher quarterly revenue despite posting a significant loss, as the US chip maker slashed its workforce by 15 percent and shelved projects in Germany and Poland to cut costs.
The company’s earnings release showed $12.9 billion in sales, beating forecasts, but it recorded a $2.9 billion loss, including $1.9 billion in restructuring charges.
Intel said it has completed most of its planned workforce reductions to create a “faster-moving, flatter and more agile organization.”
The company has struggled to keep pace with rivals like Nvidia, TSMC, and Samsung, which dominate the AI and made-to-order semiconductor markets.
CEO Lip-Bu Tan, who took over in March, acknowledged the challenges ahead, stating it “won’t be easy” to navigate market uncertainties worsened by US tariffs and export restrictions.
Intel shares dipped slightly in after-hours trading following the earnings report. - AFP