Intel to lay off more than 15% of its workforce as it cuts costs to try to turn its business around

Chipmaker Intel Corp. is cutting 15% of its massive workforce as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. The Santa Clara, California-based company said Thursday it is also suspending its dividend as part of a broader plan to cut cost. The bulk of the layoffs will be completed this year. Intel also reported a loss for its second quarter along with small revenue decline — and forecast third-quarter revenue below Wall Street’s expectations.