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's shares fell more than 8% on Friday as the company's weak revenue and profit forecasts overshadowed new CEO Lip-Bu Tan's strategy to revitalise the embattled chipmaker.

Intel shares dropped almost 4% in heavy trading in Frankfurt on Friday after issuing downbeat forecasts for both revenue and profit the day before, as investors fretted about the outlook for the chip sector against the backdrop of the U.

The troubled American semiconductor giant said it will cut spending despite benefiting from a Biden-era program designed to boost U.S. chip production.

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.