Intel Corporation (NASDAQ: INTC) saw its stock prices plummet by 8.53% on Friday, closing at $20.7 per share due to poor earnings, layoffs, and halting of chip facility plans in Europe. The company reported an 81% increase in net loss to $2.1 billion, with revenues staying flat at $12.9 billion.

In response, Intel announced a 15% reduction in workforce and scrapped plans for new chip facilities in Europe as part of a restructuring effort led by new CEO Lip-Bu Tan. The company is also divesting stakes in companies and focusing on projects with higher margins, aiming to return to profitability.

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Read more at Yahoo Finance: Intel (INTC) Declines 8.5% on Dismal Earnings, New Round of Layoffs