Intel Stock wins if guidance disappoints. There will be layoffs.

Intel plans significant cost savings, including a “meaningful number” of layoffs, the CFO said, as the chipmaker described its financial results and forecasted earnings that were much lower than Wall Street had anticipated.

The semiconductor company reported third-quarter adjusted earnings per share of 59 cents, compared to Wall Street’s consensus estimate of 34 cents, according to FactSet. Revenue came in at $15.3 billion, which was in line with analyst expectations of $15.3 billion, but Intel also forecast revenue to be between $14 billion and $15 billion. That was below the $16.32 billion consensus call.

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