Intel just reported Q3 2024 earnings, and losses are ten times worse than Q2 — a $16.6 billion loss, up from $1.6 billion. But Intel says that’s because of write-offs and restructuring to turn its fortunes around, including depreciating old manufacturing for its Intel 7 node.

Revenue was actually slightly up this quarter — and Intel says the “vast majority” of its planned layoffs are over.