> Shares of Intel were halted after the bell Tuesday as Intel announced it would cut 12,000 jobs, or 11 percent of its workforce
> The technology company also said the CFO would step down
Anyone have any further context around this?
Basically, they believe that experience across multiple areas of the business is a good thing, and that no one should become too attached to a particular position or title.
Instead of using the same tax rate as a year ago, when it had an effective
tax rate of 25.5%, this quarter the tax rate was down 7.1% to just 18.4%.
Had INTC used the historical tax rate, it would have, surprise, missed.
Worse, INTC just cut its outlook, predicting revenue of $13.5 billion,
plus or minus $500 million, for the Q2, about $700MM below consensus estimates.