Intel to cut 15% of workforce and suspend dividend in turnaround push

Intel employs some 4,900 people in Ireland, making it one of the State's largest employers. It has bases in Leixlip and Shannon and has invested more than €30bn here since its establishment 35 years ago 

Intel's Irish base was largely unaffected by last year's cost-reduction measures. Picture: Collins

Intel said on Thursday it would cut 15% of its workforce and will suspend its dividend in the fourth quarter as the chipmaker pursues a turnaround centred around its loss-making manufacturing business.

Shares of the California-based company fell 10% in extended trading overnight. The stock closed down 7% on Thursday, in tandem with US chip stocks plummeting after a conservative forecast from Arm Holdings on Wednesday.