Anticipates further losses next quarter
Cambridge-based AI security company reduces forecasts and loses £300 million in market value
It is unclear at this stage which departments will be affected by the impending job cuts
'Our costs are too high and our margins are too low,' says CEO Gelsinger
Contrasting fortunes for two Silicon Valley mainstays
The main revenue engines of the largest tech giants - cloud and ads - are being hit by prevailing market conditions
Arm is one of the few bright spots for the troubled Japanese tech investment bank
Weak financial results come as FTC this week sued Meta in an antitrust case to prevent it from acquiring a firm behind the virtual reality workout app
YouTube business saw the biggest slowdown, with revenues increasing just 5% compared with 84% during the same time last year
Withdrawal from Russia and Belarus has led to losses of nearly €120 million