What's most clear is Intel's short-term woes are even worse than feared. The company gave a revenue forecast for the current quarter that was well below what analysts projected. And Intel's chief financial officer warned that a tariff-fueled recession could torpedo chip demand. The grim outlook sent Intel shares sliding more than 5% in late trading.
Intel Corp CEO Lip-Bu Tan gave investors a stark diagnosis of the chipmaker's problems on Thursday, along with the sense that it will take a while to fix them.
Tan, delivering his first earnings report as CEO, said Intel's bureaucratic corporate culture needs a shake-up, so he's going to cut jobs, remove layers of management and force everyone back to the office. His prescriptions for other areas of malaise - such as Intel's struggling foundry business, which makes chips for outside customers - were more vague.
