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. Years of bad decisions have left the struggling American chipmaking icon trailing in the lucrative artificial intelligence industry,

Intel forecast second-quarter revenue and profit below Wall Street estimates on Thursday, casting a shadow over new CEO Lip-Bu Tan's first round of earnings at the helm, against the backdrop of a raging Sino-U.

Bu Tan, announced that it's laying off staff and tightening its return-to-office rule as the Bay Area giant tries to right its course.

In a note to investors, Tan wrote that Intel would be streamlining its operations. That means cuts to various departments, the end of non-core products, a

Intel CEO Lip Bu-Tan announced a series of sweeping measures today, including an unspecified number of layoffs, a company restructuring, the elimination of non-core products, and a return-to-office mandate,