Asia Tech Wire (Aug 2) -- Intel Corp. announced on Thursday that it will be making layoffs, cutting more than 15,000 jobs, or 15% of its workforce.

The company said it will complete most of the layoffs by the end of 2024.

Intel also announced other restructuring initiatives and plans to reduce capital expenditures, which are due to cut costs by $10 billion by 2025.

In an effort to save money, Intel also said it would suspend its dividend beginning in the fourth quarter.

The announcement of the layoffs came as Intel reported revenue of $12.8 billion for the second quarter of 2024, down 1% year-on-year.

The U.S. chipmaker expects revenue for the third quarter of 2024 to be between $12.5 billion and $13.5 billion.