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To many in the industry, the news has not come as a shock.
The companys most recentquarterly revenuestood at $13.3 billion, marking a 6% year-on-year decrease.
Gelsinger said Intel was acting with urgency to position the business for sustainable value creation moving forward.
In a LinkedInpost, Gelsinger stated: Leading Intel Corporation has been the honor of my lifetime.
The retired CEO has not indicated any plans for a future role.
