Intel shares dip after company reports $7 billion operating loss in foundry business

Intel shares fell on Wednesday after the company disclosed long-awaited financials in an SEC filing for its semiconductor manufacturing, or foundry, business, revealing an operating loss of $7 billion in 2023.

It was the first time Intel had reported revenue totals for its foundry arm alone, separating it from the products business, which reported $11.3 billion in operating income in 2023. Analysts at Cantor Fitzgerald, maintaining their neutral rating and $50 price target on the stock, lauded the company for its new financial reporting structure but wrote that Intel will need to drive its foundry and product operating margins higher.

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