Intel Faces Turbulence As 6 Analysts Weigh In On Restructuring, Earnings Miss: 'We Don't See An Easy Fix'
Portfolio Pulse from Surbhi Jain
Intel Corp (NASDAQ: INTC) announced significant restructuring and reported disappointing quarterly earnings, missing analyst estimates. The company plans a $10 billion cost-reduction, including a 15% headcount reduction by the end of 2024, and will suspend its dividend starting Q4 2024. Analysts have downgraded the stock and revised price targets downward, citing competitive, financial, and strategic challenges.
August 02, 2024 | 7:14 pm
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Intel reported earnings of 2 cents per share, missing the 10 cents estimate, and announced a $10 billion cost-reduction plan, including a 15% headcount reduction by end of 2024. The company will also suspend its dividend starting Q4 2024. Analysts have downgraded the stock and revised price targets downward.
Intel's significant earnings miss and major restructuring plans, including cost reductions and dividend suspension, have led to multiple analyst downgrades and lowered price targets. This indicates a negative short-term impact on the stock price.
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