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Intel's stock dropped around 30% overnight, shaving some $39 billion from the company's market capitalization since rumors of a pending layoff first emerged. The devastating results come after the chip giant reported a loss for the second quarter, complained about yield issues with the Meteor Lake CPU, provided a modest business outlook for the next few quarters, and announced plans to lay off 15,000 people worldwide.

When the NYSE closed on July 31, Intel's market capitalization was $130.86 billion. Then, a report about Intel's massive layoffs was published, and the company's market capitalization dropped sharply to $123.96 billion on August 1. Following Intel's financial report yesterday, the company's capitalization dropped to $91.86 billion. Essentially, Intel has lost half of its capitalization since January. As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's.

As Intel's actions look rather desperate, analysts believe that Intel's challenges are existential. "Intel's issues are now approaching the existential," Stacy Rasgon, an analyst with Bernstein, told Reuters.

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[-] Boozilla@lemmy.world 408 points 4 months ago

When I had to flash my BIOS and pray that it didn't brick my PC I cursed them, saying "Fuck Intel, I hope their stock plummets!"

You're welcome everyone.

[-] affiliate@lemmy.world 224 points 4 months ago

can you do reddit next please

[-] foofiepie@lemmy.world 101 points 4 months ago
[-] Reverendender@sh.itjust.works 87 points 4 months ago
[-] Damage@feddit.it 53 points 4 months ago

Let's do these before everything else

[-] kittenzrulz123@lemmy.blahaj.zone 25 points 4 months ago

Then we move on to private equity firms

[-] chunkystyles@sopuli.xyz 12 points 4 months ago

Alright, alright. This is getting out of hand.

We need to make a list and then do like a reverse Kantian calculus to figure out which ones are doing the most harm and start from the top in descending order.

[-] BombOmOm@lemmy.world 26 points 4 months ago

Then all oil companies

Survey says, Gazprom! https://lemmy.world/post/18220754

[-] altima_neo@lemmy.zip 19 points 4 months ago
[-] jaybone@lemmy.world 22 points 4 months ago

Everyone’s acting like this guy said he’s taking requests.

[-] roguetrick@lemmy.world 17 points 4 months ago

Well we're not all fucking witches here, I'm sure he'll do something if someone gives him their firstborn.

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this post was submitted on 02 Aug 2024
1094 points (99.2% liked)

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