Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel Corporation's latest Q2 earnings have embedded several bombshell updates to its turnaround strategy. Click here to find out why INTC stock is a Hold.

Intel reported second-quarter revenue of $12.86 billion, beating analyst expectations of $11.91 billion, according to Benzinga. The chipmaker posted an adjusted loss of 10 cents per share, missing the forecasted gain of one cent.

Intel (NASDAQ:INTC) served up mixed Q2 results with a flat $12.9 billion revenue beat the $11.88 billion consensus but adjusted EPS of ?$0.10 missed the $0.01 estimate as $1.9 billion in restructuring,

Intel's restructuring efforts focus on AI and core engineering. Short-term challenges persist, but a potential turnaround may emerge within 1-2 years. See more on INTC here.

The moments after an earnings release often tell a story, and for Intel Corporation (NASDAQ: INTC) on Thursday after the market closed, that story was one of volatile validation. Following the release of its second-quarter results,

Intel may be forced to leave the chip manufacturing business if it can’t find a major external partner for its 14A process.

Intel Corporation, NVIDIA Corporation, ASML Holding NV, Advanced Micro Devices Inc. Read 's Market Analysis on Investing.com

Analyst Jeff Pu said that Apple could be among the customers considering Intel’s upcoming 14A process for future M-series chips.

Intel stock drops nearly 9% after Q2 earnings miss and major layoffs. Here’s what investors need to know as summer leads to fall.