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Core Viewpoint - Intel's second-quarter earnings report showed revenue of $12.86 billion, exceeding analyst expectations, particularly in its core data center and AI business, but profitability fell short, with losses widening [2] Group 1: Financial Performance - Intel reported a revenue of $12.86 billion for Q2, surpassing analyst forecasts [2] - Despite strong revenue, the company's profitability did not meet expectations, indicating ongoing financial challenges [2] Group 2: Strategic Changes - CEO Pat Gelsinger announced the cancellation of plans for new chip factories in Europe, reallocating focus towards the AI chip market and advanced process development [2] - A significant workforce reduction is underway, with plans to cut employee numbers from approximately 109,800 to 75,000 by the end of the year, representing a potential reduction of nearly 20% [2] Group 3: Workforce Management - The company has already reduced its workforce by about 15%, with a total of approximately 92,565 employees remaining after the initial cuts [2] - The workforce reduction strategy includes layoffs and natural attrition, with management levels also reduced by about 50% [2] - Previous layoffs included a plan to cut around 20,000 jobs in 2023 and an additional 15% in 2024, aiming to save approximately $10 billion [2]