Intel Corp. Chief Executive Officer Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems on Thursday, along with the sense that it will take a while to fix them.

Intel's shares fell more than 8% on Friday as the company's weak revenue and profit forecasts overshadowed new CEO Lip-Bu Tan's strategy to revitalise the embattled chipmaker.

Intel shares dropped almost 4% in heavy trading in Frankfurt on Friday after issuing downbeat forecasts for both revenue and profit the day before, as investors fretted about the outlook for the chip sector against the backdrop of the U.

Intel forecast second-quarter revenue and profit below Wall Street estimates on Thursday, casting a shadow over new CEO Lip-Bu Tan's first round of earnings at the helm, against the backdrop of a raging Sino-U.

New Intel Chief Executive Lip-Bu Tan on Thursday announced upcoming layoffs at the struggling U.S. chipmaker as White House tariffs and export restrictions muddy the market. Tan did not provide details about the number of employees affected but said he was "a big believer in the philosophy that the best leaders get the most done with the fewest people.

Trade frictions between Washington and Beijing are reviving sales of Intel’s older personal-computer and server chips as customers look for cheaper parts.