Intel (INTC) shares sink in extended hours after missing second quarter earnings estimates. The semiconductor manufacturer posted $12.83 billion in revenue ($12.95 billion expected) and adjusted earnings of $0.02 per share (expected $0.10 per share). The chip company is also announcing a $10 billion cost-cutting initiative while laying off 15,000 employees.

Yahoo Finance senior reporter Akiko Fujita crunches the numbers on Intel's earnings figures and what Wall Street was expecting from its AI and chip foundry businesses.

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This post was written by Luke Carberry Mogan.