Intel suspended its dividend for the first time in 32 years, sending its shares tumbling 18% in after-hours trading.

On August 2, Intel (INTC. O) said on Thursday that third-quarter revenue will be much lower than analysts' expectations and announced more than 15,000 job cuts, sending its shares tumbling more than 18 percent after hours. The company said sales in the current quarter will reach $12.50 billion to $13.50 billion, compared with analysts' average forecast of $14.38 billion. Intel said it plans to cut about 110,000 of its employees by more than 15 percent. The company will also suspend dividend payments to shareholders starting in the fourth quarter and will continue until "cash flow improves to a higher and sustainable level," the statement said. The company has paid dividends since 1992. The results underscore Intel's headwinds. The company, which has dominated the semiconductor industry for decades, is now forced to promote cost-cutting measures and guarantee that it can fund growth plans.