Intel Corp shares tanked on Friday after disappointing Q2 earnings. Analysts have mixed views on the company's competitiveness.

Intel (INTC) reported quarterly sales that exceeded analysts' expectations, but posted a loss as the chipmaker works to turnaround its business. Second-quarter revenue of $12.86 billion topped projections as Intel's foundry business grew 3% to $4.

Intel (INTC) reported a second quarter adjusted loss of $0.10 per share. The expectation was for a profit of $0.01 per share. Revenue was $12.86 billion versus a Bloomberg consensus estimate of $11.88 billion.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp.

Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue “no more blank checks.