However, most of those losses were inevitable, with the chipmaker recognizing $2.8 billon in restructuring charges during the quarter, and $15.9 billion in impairment charges tied to the depreciation of the Intel 7 process node and payments to the now-independent Mobileye business unit. Investors were clearly willing to forgive those losses, linked to the company's ongoing reorganization, as Intel's stock quickly gained more than 6% in the extended trading session. Intel Chief Executive Pat Gelsinger told analysts on a conference call that the company is in the midst of the most fundamental reshaping of its business since it was established back in 1968. In an October 28 filing, Intel revealed that its board's audit and finance committee has approved new cost and capital reduction activities, including plans to cut its headcount by 16,500 employees and reduce its real estate footprint. The job cuts were first announced in August, and the process should be complete by the fourth quarter of 2025.