Shares of US semiconductor maker Intel plunged 28 percent on Wall Street on Friday in New York after the company announced a major plan to lay off more than 15 percent of its employees by the end of the year.
The US giant lost more than $30 billion in market value on paper, while its share price reached $20.95, down 28.08 percent at 14:05 GMT.
Intel, which is lagging behind its competitors in the field of chips adapted to artificial intelligence, announced on Thursday that it wants to reduce its costs by $10 billion by laying off 15 percent of its employees.
The US company employed about 125,000 employees at the end of 2023, so about 18,000 people will lose their jobs.
In the second quarter, the group achieved a turnover of $12.8 billion, less than analysts' expectations and down 1% compared to the same quarter in 2023.
The group recorded a net loss of $1.6 billion, compared to a net profit of $1.5 billion a year ago.
It also announced that it will not distribute dividends at the end of this year.
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