Semiconductor company Intel (INTC) has reported mixed second-quarter financial results and announced a new round of cost controls.
The maker of microchips and processors announced an earnings per share (EPS) loss of -$0.10 U.S., which missed Wall Street targets that called for a profit of $0.01.
But revenue in the April through June period totaled $12.60 billion U.S. and was ahead of the consensus forecast of $11.92 billion U.S.
Looking ahead, Intel said that it expects revenue for the current third quarter of $13.10 billion U.S. at the midpoint of its range versus the average analyst estimate of $12.65 billion U.S.
However, the chipmaker said that it expects to break even on earnings while analysts were looking for EPS of $0.04 U.S.
The mixed results and outlook have sent Intel’s share price down 7% in premarket trading.
Intel’s new CEO Lip-Bu Tan used the Q2 print to announce significant cuts in chip factory construction.
Specifically, Intel canceled planned chip fabrication projects in Germany and Poland and said that it will consolidate its testing and assembly operations in Vietnam and Malaysia.
The company also plans to slow production of a chip plant in the U.S. that’s located in Ohio.
Tan also said that the company had completed the majority of its planned layoffs, amounting to 15% of its global workforce, and that it will end the year with 75,000 employees.
Intel previously said it was trying to reduce operating expenses by $17 billion U.S. this year. The earnings report was Intel’s second since Tan took over as CEO in March.
Prior to today (July 25), INTC stock had gained 12% in 2025 to trade at $22.63 U.S. per share.
