Intel Stock Plunges as Company Announces Layoffs

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Intel shares dropped nearly 30% on Friday morning after the company announced that it would be cutting more than 15% of its workforce.

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The news comes as a major blow to the chip industry, which has been struggling in recent months amid slowing demand and increased competition. Intel, one of the world's largest chipmakers, has been particularly hard hit by the downturn, and its stock price has fallen by more than 50% over the past year.

The company's decision to lay off employees is part of a broader restructuring plan that aims to cut costs and improve profitability. Intel has said that it expects to save $3 billion in annual expenses by the end of 2023 as a result of the layoffs.

The news of Intel's layoffs has sent shockwaves through the tech industry. Many analysts believe that the move is a sign that the chip industry is facing a prolonged downturn. As a result, other chip stocks have also fallen in recent days.

It remains to be seen how long the chip industry's downturn will last. However, Intel's layoffs are a clear indication that the industry is facing significant challenges.