Semiconductor stocks fell in overnight trading. Intel fell 18%; Arm fell 2.5%; ASML fell 1.6%; Micron fell 1%; Nvidia fell 0.7%; TSMC fell 0.3%; AMD fell 0.2%.

Intel plunged after delivering a barrage of startling news, including a grim growth forecast and plans to slash 15,000 jobs, in the latest sign that the chipmaker is ill-equipped to compete in the artificial intelligence era.

Sales for the current quarter will be $12.5 billion to $13.5 billion, the company said Thursday. Analysts had projected $14.38 billion on average, according to data compiled by Bloomberg. Intel will have a loss of 3 cents a share, excluding certain items, versus expectations for a profit 30 cents.

Intel said it plans to cut more than 15% of its workforce of around 110,000 people. It ’ s also suspending dividend payments to shareholders starting in the fourth quarter, and will continue that until "cash flows improve to sustainably higher levels," according to the statement. The company has paid a dividend since 1992.

Amazon.com shares slipped 7% in overnight trading after it projected weaker-than-expected revenue growth and said it would continue to ratchet up spending to meet anticipated demand for artificial-intelligence services.

The company ’ s total sales rose 10% from a year earlier to $148 billion during the three-month period ending in June. Its profit was $13.5 billion. Its sales were in line with analyst expectations, while its profit was higher than predicted.

Revenue from Amazon ’ s cloud computing unit, Amazon Web Services, grew by about 19% to a higher-than-expected $26.28 billion.

Coinbase Global, Inc. posted a profit and revenue doubled as this year ’ s cryptocurrency recovery carried into the second quarter. U.S.-listed shares of the company rose 2.4% in overnight trading.

The biggest US crypto exchange ’ s revenue jumped to $1.45 billion, slightly above the forecast of analysts surveyed by Bloomberg. Net income was $36 million, or 14 cents a share, after taking in account an impairment charge to writedown the value of cryptocurrencies held in its investment portfolio. It has a loss in the year-ago period.

Snap Inc shares tumbled 14% in overnight trading after the company reported disappointing second-quarter sales and gave a lower-than-expected outlook for earnings in the current period.

The Snapchat parent reported quarterly revenue of $1.24 billion, just shy of analyst ’ s expectations of $1.25 billion. In the current quarter, it expects adjusted earnings before interest, tax, depreciation and amortization of $70 million to $100 million, missing Wall Street ’ s forecast for $110.5 million.

DoorDash, Inc. reported a stronger-than-expected profit forecast for the current quarter as the delivery company experiences resilient customer demand and growth from categories beyond restaurant orders. U.S.-listed shares of the company rose 11% in overnight trading.

DoorDash expects adjusted earnings before interest, tax, depreciation and amortization for the current quarter of $470 million to $540 million, beating the consensus analyst forecast of $449.2 million. In the second quarter, DoorDash reported adjusted Ebitda of $430 million, ahead of analysts ’ expectations.

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