Shares of Intel Corp. tumbled 8.5% on Friday after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.

Shares of Intel Corp. slid nearly 10% on Friday after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.

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Intel said it plans to slash its headcount to 75,000 by the end of this year, down from 99,500 at the end of 2024.

Intel will report its Q2 earnings Thursday, and Wall Street will want to hear more about the company's turnaround plans.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.