The sum beat Wall Street forecasts, according to consensus estimates cited by CNBC, but it wasn’t enough to offset news about higher losses, additional layoffs, and the scaling back of Intel’s foundry business.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.

Despite layoffs, Intel appears to remain committed to its ongoing site expansion in Arizona as it retreats from other planned projects.

Even in the US, where there's a push for more domestic manufacturing, especially in semiconductors, by consecutive governments, Intel is ramping down construction. Lip-Bu Tan has said it is slowing construction on fabs in Ohio, which had already seen a delay to 2030 or beyond.

Chipmaker Intel (INTC) is set to report its second quarter earnings result on Thursday, July 24th, after the closing bell. The company, which has been strugglin

Intel Corporation (NASDAQ:INTC) is one of the AI Stocks Analysts Are Tracking Closely. On July 21, Stifel analyst Ruben Roy raised the price target on the stock to $24.50 (from $21.00) while maintaining a Hold rating.