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.

Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

Intel reported second-quarter results on Thursday that beat Wall Street expectations on revenue, as the company's new CEO Lip-Bu Tan announced significant cuts in chip factory construction. The stock fell about 5% in extended trading. Here's how the chipmaker did versus LSEG consensus estimates:

Follow the action in markets to close the week in what's been a record-setting time.

Intel shares plunged Friday, a day after the chipmaker reported mixed results amid uncertainty about its ability to engineer a turnaround.

Intel’s stock dropped 9% after the chipmaker said it would slash foundry costs in its latest attempt to turnaround its struggling business.

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.

Loop Capital initiates Intel stock at “Neutral” as the semiconductor firm is stuck in a “catch-22” situation. Wall Street at large remains bearish on INTC shares as well.