Intel announces plan to cut 15,000 jobs to ‘resize and refocus’ business

Firm reported a loss in its second quarter and said it would cut 15% of its workforce to cut costs and compete with rivals

Intel, the chipmaker, has announced plans to cut more than 15,000 jobs as it tries to cut billions of dollars in costs and turn its business around to compete with more successful rivals.

Shares in the company sank 19% as a string of leading technology stocks came under pressure on Thursday following a fresh batch of lackluster earnings that contributed to a sell-off on Wall Street.