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.