“The company just reported a loss of $1.6 billion for Q2 2024, substantially more than the $437 million it lost last quarter.”
Intel is cutting more than 15,000 of its 125,000 jobs to save $10 billion. Foundry lost $2.8 billion this quarter after $7 billion in operating losses in 2023, while the PC and server chips still make money. Intel is also set to receive up to $8.5 billion from the CHIPS Act. Taxpayers fund the fabs and the workers pay for the losses.