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- Intel stock -19% after weak earnings, to lay off 10K workers, 15% of staff
Intel stock -19% after weak earnings, to lay off 10K workers, 15% of staff
Bay Area Times
August 02, 2024
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Top stories today:
- Intel stock -19% after weak earnings, to lay off 15% of staff
- Don Lemon sues Elon Musk, X for canceling web show
- Apple’s revenue +5% to $85.8B, as China sales drop
- Amazon stock -7% with worrying remarks on consumer
0. Data and calendar
All values as of 1 AM ET / 10 PM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. Intel stock -19% after weak earnings, to lay off 10K workers, 15% of staff
$10B in cost cuts across the board, including headcount, CAPEX, and cost of sales.
Revenue -1% YoY to $12.8B.
Operating margin of -15%, from -8%.
Dividends being suspended starting in Q4.
2. Don Lemon sues Elon Musk, X for canceling web show
Lemon claims Elon promised $1.5M/year and full authority over content.
$200K was to be paid upfront, Lemon alleges.
No contract had been signed between them. Lemon alleges Elon said there would be no need to “fill out paperwork.”
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