Intel Stock Gains as Guidance Disappoints. Layoffs Are Coming.

Intel plans significant cost cuts , including a “meaningful number” of layoffs, its CFO said as the chip maker detailed its financial results and forecast revenue that was much lower than Wall Street had expected.

The semiconductor company reported third-quarter adjusted earnings per share of 59 cents, compared with Wall Street’s consensus estimate of 34 cents, according to FactSet. Revenue came in at $15.3 billion, which was in line with analysts’ expectations of $15.3 billion, but Intel also predicted that revenue will be between $14 billion and $15 billion. That was below the consensus call of $16.32 billion.