Intel TANK shares surge over 30% after announcing over 15,000 layoffs, causing processor market share to fall to AMD

Intel released its Q2 2024 earnings report and within hours, the stock price plummeted by more than 30% and the company’s market capitalization almost instantly dropped by tens of billions of dollars.

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The news comes amid the announcement that Intel will be laying off more than 15% of its global workforce, resulting in 17,500 job losses before the end of the year. Its projected revenue for the third quarter of 2024 fell short of market expectations, resulting in a loss of CPU market share to AMD (Ryzen for consumers, Threadripper for workstation users and content creators, and EPYC for servers and data centers).

Intel shares have fallen more than 31% in the past few days, from $31 to $21, wiping out more than $30 billion in market capitalization. Mass layoffs have followed.

Intel CEO Pat Gelsinger said:I need fewer people at headquarters, more people in the field supporting customers. Our goal is to… pay a competitive dividend over time, but right now we’re focused on the balance sheet, reducing leverage.“.

Here are the highlights from Intel’s recent woes:

• What’s more, Arc did not cause a sensation.
• AMD has been beating Intel in terms of price-to-performance for years.
• Intel has nothing to say in the field of artificial intelligence for now, Gaudi is unmatched compared to NVIDIA or AMD.
• The future of Intel nodes is made possible by funding from ASML and the U.S. government.
• Laying off over 17,500 people after a disastrous second-quarter 2024 report doesn’t look good at all.
• AMD EPYC processors are taking a huge share of the server processor market
• Bleeding Out Massive Consumer CPU Market Share to AMD Ryzen
• 13th and 14th generation Core processors break everywhere
• Shares have fallen more than 30% in the last 48 hours