Intel shares drop almost 6% on disappointing guidance, job cuts

Shares of Intel INTC were down 5.8% in Frankfurt on Friday after the company said it expects steeper losses than Wall Street forecasts in the third quarter and announced plans to slash jobs.

The company plans to reduce headcount to 75,000 by the end of year, down 22% from the end of 2024, which will be through attrition and "other means".

Intel's shares closed Thursday's regular session down 3.66% at $22.63.