Intel, a long-standing giant in the semiconductor industry, has announced a significant downturn in its financial performance for the third quarter. The company's projected revenue of $12.5 billion to $13.5 billion falls short of analysts' expectations of $14.38 billion. This disappointing forecast comes alongside the announcement of over 15,000 job cuts. The news sent Intel's shares plummeting by more than 18 percent in late trading. This marks a critical moment in Intel's history as it grapples with intense competition and internal challenges.