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Here's Why Intel Stock Plunged Today

TheMotleyFool

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Here's Why Intel Stock Plunged TodayPhoto, wide shot, wide-angle lens, Semiconductor company, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/92ce44e9-64c7-4458-9a95-b706ed510490.png

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

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