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 shares fell nearly 6% in premarket trade on Friday after the chipmaker's weak revenue and profit forecast disappointed investors hoping for reassurances from new CEO Lip-Bu Tan's turnaround strategy.

Intel stock fell early Friday after the chip maker provided softer-than-expected revenue forecast for the June quarter, citing uncertainty over tariffs.For the first quarter, Intel reported adjusted earnings of 13 cents a share,

The American chip-making giant’s stock fell after it said an overhaul is under way and that macro conditions would prove challenging.

The troubled American semiconductor giant said it will cut spending despite benefiting from a Biden-era program designed to boost U.S. chip production.

Intel plans to slash its capital expenditures and eliminate managers as the US chipmaker plots a turnaround under its new chief executive and contends with President Donald Trumps