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.

Intel CEO Lip-Bu Tan announced Thursday that hybrid employees must return to the office at least four days a week by September, according to Investopedia. Tan said Intel's offices should be vibrant hubs of collaboration,

In March, when Intel appointed new CEO Lip-Bu Tan, he wrote that he intended to "remake" the struggling Bay Area tech giant. On Thursday, that effort became more tangible for workers - Tan is amping up Intel's in-office requirement and planning to lay off a chunk of its staff.

Intel is making headlines with a significant restructuring decision, reportedly laying off 20% of its workforce this week. According to Bloomberg, these layoffs are part of the company’s strategy to streamline management,