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The company had in January warned it would lose money in the first quarter as two of its most important markets – personal computers and data centers – were weakening after two years of strong growth during the pandemic-led remote work.
Intel has committed to reduce $3 billion in costs this year and between $8 and $10 billion in savings by the end of 2025.
The company, which reaffirmed its first-quarter forecast issued in January, said it will cut the quarterly dividend to $0.125 per share, or 50 cents annually.
The dividend will be payable on June 1 to stockholders of record on May 7.
