Intel reported second-quarter results on Thursday that beat Wall Street expectations on revenue, as the company's new CEO Lip-Bu Tan announced significant cuts in chip factory construction. The stock fell about 5% in extended trading. Here's how the chipmaker did versus LSEG consensus estimates:

Intel’s stock dropped 9% after the chipmaker said it would slash foundry costs in its latest attempt to turnaround its struggling business.

Intel shares plunged Friday, a day after the chipmaker reported mixed results amid uncertainty about its ability to engineer a turnaround.

Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

This news follows layoffs of 15% last year and a memo from Tan earlier this year that referenced “critical changes [that] will reduce the size of our workforce.” (At the time, Bloomberg reported that Intel planned to cut over 20% of its staff, but the figure was never confirmed.)

Intel will report its Q2 earnings Thursday, and Wall Street will want to hear more about the company's turnaround plans.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.

Yesterday, in a rerunning of its markets-model forecast, it eased up on some of its U.S. optimism, pointing to stretched valuations in U.S. equities. Notably, U.S. growth stocks are now seen growing at a rate barely beating inflation expectations.

Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.

Today, heavy unusual trading in Intel put options that are out-of-the-money (OTM) could spell trouble for INTC stock over the next month. The company's Q2 results did not encourage investors.

Intel stock drops nearly 9% after Q2 earnings miss and major layoffs. Here’s what investors need to know as summer leads to fall.

Intel Corporation's latest Q2 earnings have embedded several bombshell updates to its turnaround strategy. Click here to find out why INTC stock is a Hold.