Intel’s foundry business exceeded expectations, with revenue growing 3% to $4.4 billion in the second quarter. Despite this growth, the chipmaker reported a loss of $441 million, or 10 cents per share, compared to a profit of $83 million, or 2 cents per share the previous year. CEO Lip-Bu Tan announced layoffs, reducing the headcount by 15% to around 75,000 employees by the end of 2025. Intel will no longer pursue planned projects in Germany and Poland and will delay the opening of a new chipmaking facility in Ohio until 2030. The company expects third-quarter revenue of $12.6 billion to $13.6 billion. After-hours trading saw Intel shares drop close to 4%.

Read more at Yahoo Finance: Intel’s Sales Top Estimates, But Chipmaker Posts a Loss Amid Turnaround Efforts