Intel’s stock plunged as much as 30% on Friday after the company issued disappointing guidance and announced plans for a substantial workforce reduction. According to Bloomberg, it was the company’s biggest single-day drop since at least 1982. Markets Insider reports: The decline comes after the software company announced quarterly revenue of $12.83 billion, down 1% from the previous year and missing analyst expectations of $12.94 billion, according to LSEG estimates. The company also lowered its revenue forecast for the current quarter to a range between $12.5 billion and $13.5 billion, down from analyst estimates of $14.35 billion. Intel executives pointed to unexpected trends in the most recent quarter to explain how it performed this way even with product milestones.
“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” CEO Pat Gelsinger said in a press release. “Second-half trends are more challenging than we