Intel (INTC) Declines 8.5% on Dismal Earnings, New Round of Layoffs

We recently published These 10 Stocks Have Collapsed. Intel Corporation (NASDAQ:INTC) is one of the worst-performing stocks on Friday.

Intel Corp. dropped its share prices by 8.53 percent on Friday to close at $20.7 apiece as investor sentiment was weighed down by its dismal earnings performance, workforce reduction, and termination of plans to build new chip facilities in Europe.

In a statement, Intel Corporation (NASDAQ:INTC) said attributable net loss widened by 81 percent to $2.1 billion from $1.6 billion in the same period last year, with revenues ending flat at $12.9 billion.

Additionally, the company announced plans to cut its workforce further by 15 percent and terminate plans to build new chip facilities in Europe as part of its corporate restructuring initiatives to claw back to profitability.

Intel Corporation (NASDAQ:INTC), which was recently led by its new CEO, Lip-Bu Tan, has turned aggressive on its corporate restructuring with layoffs, cutting stakes in companies it previously invested in, and rejecting new projects generating less than 50 percent of gross margin.

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