Intel plans 15,000 job cuts after AI fumble

San Francisco | Intel said third-quarter revenue will disappoint and announced more than 15,000 job cuts, after the company lost business to rivals better equipped for the artificial intelligence boom. Shares fell more than 18 per cent in late trading.

Sales for the current quarter will be $US12.5 billion to $US13.5 billion, the company said on Thursday (Friday AEST). Analysts had projected $US14.38 billion on average, according to data compiled by Bloomberg. Intel will have a loss of US3¢ a share, excluding certain items, versus expectations for a profit of US30¢.

Bloomberg