Intel Corp. Chief Executive Officer Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems on Thursday, along with the sense that it will take a while to fix them.

Intel shares fell nearly 6% in premarket trade on Friday after the chipmaker's weak revenue and profit forecast disappointed investors hoping for reassurances from new CEO Lip-Bu Tan's turnaround strategy.

Intel stock fell early Friday after the chip maker provided softer-than-expected revenue forecast for the June quarter, citing uncertainty over tariffs.For the first quarter, Intel reported adjusted earnings of 13 cents a share,

The cutbacks follow an effort last year to slash about 15,000 jobs — a round of layoffs announced in August. Intel had 108,900 employees at the end of 2024, down from 124,800 the previous year.

Intel’s brand-new CEO took a big step in his effort to turn the chipmaker around, slashing costs by shedding 21,000 workers.

Another big American employer expects to see more of its people around the office—and fewer people in total. New Intel (INTC) CEO Lip-Bu Tan late Thursday said in a letter to employees—and published online—that hybrid employees should be on-site at least four days a week by Sept.