As part of a cost reduction plan, Intel recognized $2.8 billion in restructuring charges during the quarter. There was also $15.9 billion in impairment charges tied in part to accelerated depreciation for Intel 7 process node manufacturing assets and goodwill impairment in the Mobileye unit.

The company is carrying out one of the most seminal restructuring processes since its establishment in 1968, CEO Pat Gelsinger said on a conference call with analysts.