Intel forced to cut jobs and spending as revenue continues to decline

“A penny saved is a penny earned” seems to be the new motto for Intel—struggling to grow its revenue due to overdependence on PC sales—and is instead looking at an annual spending cut of up to $10 billion a year by 2025.

Intel reported a 20% decline in third quarter revenue to $15.3 billion, and an astonishing 85% decline in profit to $1 billion for the quarter that ended October 1. In the previous quarter, Intel’s revenue declined 22%.

The chipmaker also lowered its annual revenue guidance for the second time this year to $63 billion, down from $65 billion-$68 billion it expected at the end of last quarter, which was lower than the original revenue guidance of $76 billion.

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