this post was submitted on 02 Aug 2024
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Intel's stock drops 30% overnight —company sheds $39 billion in market cap | As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's (www.tomshardware.com)
submitted 4 months ago by ForgottenFlux to c/technology
273 comments fedilink hide all child comments
 

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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[–] [email protected] 43 points 4 months ago

But think about all those stock buy backs.

Didnt they spend 40 billion last ten years?

How much is federal government giving them?

Asking for a friend.

Disgusting welfare queens

Edit: Intel to Get $23 Billion in Government Grants & Loans Plus $25 Billion Investment Tax Credits, to Invest $100 Billion in the US, after Wasting $94 Billion on Share Buybacks in 15 Years

https://wolfstreet.com/2024/03/20/intel-to-get-23-billion-in-government-grants-loans-plus-25-billion-investment-tax-credits-to-invest-100-billion-in-the-us-after-wasting-94-billion-on-share-buybacks-in-15-years/