Intel Suffers Worst Decline in Two Months on Downbeat Outlook
- Losses have deepened at chipmaker’s new foundry division
- In a change, company breaks out numbers for manufacturing
Intel is giving a more detailed picture of its finances as part of a turnaround plan by Chief Executive Officer Pat Gelsinger.
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Intel Corp. declined the most in more than two months after the chipmaker gave a disappointing outlook for its factory operations, saying that losses have deepened at the business and it may not reach a break-even point for several years.
Intel Foundry, a new division of the company responsible for manufacturing, had sales of $18.9 billion in 2023, down from $27.5 billion the previous year, the company said late Tuesday. The operating loss at the new unit widened to $7 billion from $5.2 billion.