Intel Continues To Slip After Major Job Cuts

The outlook isn't great for the tech company.                                                                                                                                                                                                                                                                                                                                                                                                                 August 02, 2024 | [Read Online]( Intel Continues To Slip After Major Job Cuts The outlook isn't great for the tech company. [fb]( [fb]( [fb]( [fb](mailto:?subject=Post%20from%20Elite%20Trade%20Club&body=Intel%20Continues%20To%20Slip%20After%20Major%20Job%20Cuts%3A%20The%20outlook%20isn%27t%20great%20for%20the%20tech%20company.%0A%0Ahttps%3A%2F%2Felitetrade.club%2Fp%2Fintel-continues-slip-major-job-cuts) Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 The markets continue to falter as U.S. indexes end the week down. The Nasdaq Composite settles at 10% below its recent high as questions arise about what Monday might bring. - DJIA [-1.52%] - S&P 500 [-1.84%] - Nasdaq [-2.43%] - Russell 2K [-3.54%] [A Biotech Stock That Could Breakout]( Discover how a groundbreaking biotech company is revolutionizing the fight against respiratory viruses, including COVID, RSV, and the Flu. [This innovative NASDAQ-listed company]( is developing antiviral drugs that could change the landscape of virus treatment, offering a new level of protection without relying on the immune system. These advancements are especially beneficial for vulnerable groups like seniors and children. Learn more about their lead drug candidate, NV-387, which promises a broad-spectrum antiviral capability. [>> Get the full story & ticker symbol here. <<]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Market-Moving News 📈 Intel Announces Major Overhaul Amid Earnings Misses and Workforce Cuts 📉 Earnings Report and Cost-Cutting Measures Intel (INTC) recently reported its second-quarter earnings, revealing significant misses in both revenue and earnings per share (EPS). Additionally, the company unveiled a comprehensive $10 billion cost-cutting plan that includes a 15% reduction in its workforce and the suspension of dividend payments. 📊 Revenue Forecast and Market Reaction For the third quarter, Intel expects revenue to range between $12.5 billion and $13.5 billion, falling short of analysts' projections of $14.3 billion. This disappointing forecast contributed to a 27% decline in Intel's stock by Friday afternoon. 🔄 Transformation and Market Recovery Amid these challenges, Intel is undergoing a major transformation to reclaim market share from rival AMD (AMD) and expand its AI chip and third-party foundry businesses. The turnaround comes as the PC market begins to recover from eight consecutive quarters of decline following a surge at the start of the COVID-19 pandemic. 💸 Q2 Financial Performance In Q2, Intel's EPS was $0.02 on $12.8 billion in revenue, missing the expected EPS of $0.10 on $12.9 billion in revenue. Compared to last year's second quarter, where Intel had an EPS of $0.13 on $12.9 billion in revenue, the current figures indicate a downward trend. 🗣️ CEO's Commitment and Workforce Impact Intel's CEO, Pat Gelsinger, highlighted the company's commitment to its restructuring plan during his speech at Computex 2024 in Taipei. As part of its global investment strategy, Intel is expected to lay off thousands of employees. This move aims to help Intel reclaim its position in the chip manufacturing industry, which is currently dominated by Taiwan Semiconductor (TSMC). 🤖 Data Center and AI Segment Performance The Data Center and AI segment reported $3.05 billion in revenue, slightly below the expected $3.07 billion. Despite a rising demand for AI-related CPUs and GPUs, Intel's GPUs have not gained as much traction as those from Nvidia (NVDA). Intel's stock has dropped 38% this year, compared to AMD's 3.7% decline and Nvidia's 127% increase. 🖥️ Client Segment and Market Competition Intel's Client segment, which remains its largest business unit, recorded $7.4 billion in revenue for Q2. Although this was just below the anticipated $7.5 billion, it marks an increase from $6.7 billion in the same quarter last year. 🚀 Emerging Threats and Future Plans Qualcomm (QCOM) has emerged as a new competitor in the PC chip market with its Snapdragon X Elite PC chip, posing a threat to both Intel and AMD with better power and battery life. Intel is expected to release its response to Qualcomm’s processor later this fall. 🏭 Expansion of Foundry Business Furthermore, Intel is expanding its Foundry business by opening its facilities to third-party chip designers, aiming to compete with TSMC's foundry operations. While Intel has attracted customers like Microsoft, gaining significant market traction will take time. Top Winners and Losers 🔥 VSee Health [VSEE] $4.25 (+79.40%) VSee Health stock nearly doubles thanks to plans to have robots assist in ICUs. OS Therapeutics [OSTX] $4.00 (+58.73%) OS Therapeutics enjoyed big gains following its formation of a patient advocacy advisory board or its osteosarcoma program. Cassava Sciences [SAVA] $29.11 (+23.93%) Cassava Sciences is up over 20% as investors remain optimistic about clinical trial results. Telus International [TIXT] $4.15 (-35.96%) Telus International shares dropped considerably today after big earnings and revenue misses. Snap Inc [SNAP] $9.36 (-26.93%) Snap fell more than 20% following lackluster third-quarter numbers. Intel Corp [INTC] $21.48 (-26.06%) Intel finds itself in hot water after massive job layoffs leave investors worried. That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback! Thanks for reading. I'll see you at the next open! Best Regards, — Adam G. 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