Here's Why Intel Stock Plunged Today
Shares of Intel (NASDAQ: INTC) sank more than 6% on Friday after the chipmaker issued a dismal financial forecast for the year ahead.
Intel's revenue plummeted 32% year over year to $14 billion in the fourth quarter. A steep decline in the personal computer (PC) market weighed heavily on the semiconductor giant's results. A slowdown in the server market also took a toll.
Intel is slashing expenses to better withstand the downturn. The company is reducing its workforce and curtailing spending as it seeks to reduce costs by $3 billion in 2023 and as much as $10 billion by the end of 2025.
Source Fool.com
