BUZZ-Intel rises after report says chipmaker to slash over 20% of workforce

Reuters
04-23
BUZZ-Intel rises after report says chipmaker to slash over 20% of workforce

** U.S. chipmaker Intel's INTC.O shares rise 4.7% to $20.42 premarket

** INTC is set to unveil plans this week to slash more than 20% of its workforce, Bloomberg News reported on Tuesday, citing people familiar with the matter

** Co is set to report Q1 2025 results on Thursday; quarterly results will offer clearest look yet at new CEO Lip-Bu Tan's turnaround strategy for the embattled chipmaker

** Separately, U.S. Treasury Secretary Scott Bessent said on Tuesday that he believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a "slog"

** President Donald Trump has also told reporters tariffs on imports from China would fall significantly following a deal, but not to zero

** China was INTC's largest market in 2024, generating nearly a third of its total revenue

** As of last close, INTC down ~3% this year

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))

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