In a way, Intel just reported its best quarter in years. But given the harsh realities the chip maker faces, that’s no longer enough. Strong PC shipments by manufacturers looking to get ahead of tarif

Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

This news follows layoffs of 15% last year and a memo from Tan earlier this year that referenced “critical changes [that] will reduce the size of our workforce.” (At the time, Bloomberg reported that Intel planned to cut over 20% of its staff, but the figure was never confirmed.)

The Silicon Valley chip company, which has been struggling, quantified the job cuts it is making as it seeks to turn its business around.

Intel Corp. tumbled in premarket trading after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the struggling chipmaker's fortunes.

Intel CEO Lip-Bu Tan told employees in a staff-wide memo yesterday that the company plans to cut its workforce by roughly 15%—more than 25,000 jobs—aiming to end the year with about 75,000 employees worldwide. The cuts are part of the struggling chipmaker’s efforts to turn things around and compete in the booming AI market.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.