intel

Intel is planning to cut more than 20% of its workforce, Bloomberg reported.

“I’m a big believer in the philosophy that the best leaders get the most done with the fewest people,” Intel Chief Executive Lip-Bu Tan told employees in an email.

Technology giant Intel, footwear maker Skechers and consumer goods firm Procter & Gamble, have either cut their profit forecasts or withdrawn them citing economic uncertainty.

Intel's shares dropped by more than 5% in extended trading after those remarks.

"The very fluid trade policies in the US and beyond, as well as regulatory risks, have increased the chance of an economic slowdown with the probability of a recession growing," said Intel's chief financial officer, David Zinsner, during a call with investors.