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. Years of bad decisions have left the struggling American chipmaking icon trailing in the lucrative artificial intelligence industry,

“The current macro environment is creating elevated uncertainty across the industry, which is reflected in our outlook,” Intel chief financial officer David Zinsner said in the earnings report. Zinsner said he does not have an estimate for the size of the workforce reduction.