The sum beat Wall Street forecasts, according to consensus estimates cited by CNBC, but it wasn’t enough to offset news about higher losses, additional layoffs, and the scaling back of Intel’s foundry business.

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:

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.

On Friday, Intel shares tumbled 8.5% as remarks from CEO Lip‑Bu Tan prompted concerns that he’s emphasizing expense reductions at the expense of the company’s technical supremacy. In the Q2 earnings call,

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc.

Despite layoffs, Intel appears to remain committed to its ongoing site expansion in Arizona as it retreats from other planned projects.

Intel‘s stock sank 9.3% Friday after it reported mixed financial results Thursday and revealed it would cut its workforce by 22% this year. That added to a decline from the day prior, before Intel issued its earnings report,