Intel Slashes Dividend 66% to Lowest Payout in 16 Years
- Intel’s dividend payment is now at lowest level since 2007
- Chip company is cutting jobs, slowing spending to save cash
This article is for subscribers only.
Intel Corp., the biggest maker of computer processors, slashed its dividend payment to the lowest level in 16 years in an effort to preserve cash and focus on a turnaround plan.
The company will reduce its quarterly distribution to investors to 12.5 cents a share, payable June 1, the chipmaker said in a statement Wednesday. Intel’s current quarterly dividend is 36.5 cents and was projected to cost more than $6 billion in 2023. The new payment resets Intel’s dividend to a level not seen since 2007.