Intel Corp. Chief Executive Officer Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems on Thursday, along with the sense that it will take a while to fix them.

Intel's shares fell more than 8% on Friday as the company's weak revenue and profit forecasts overshadowed new CEO Lip-Bu Tan's strategy to revitalise the embattled chipmaker.

Intel shares dropped almost 4% in heavy trading in Frankfurt on Friday after issuing downbeat forecasts for both revenue and profit the day before, as investors fretted about the outlook for the chip sector against the backdrop of the U.

Beleaguered chipmaker Intel has confirmed plans to restructure in a shift that will involve an unspecified number of layoffs. It was reported this week that the company could lay off around 20 percent of staff (it had 108,

The American chip-making giant’s stock fell after it said an overhaul is under way and that macro conditions would prove challenging.

The troubled American semiconductor giant said it will cut spending despite benefiting from a Biden-era program designed to boost U.S. chip production.