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

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

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. "NOW is when the real work begins," the analysts wrote in a Tuesday investor note."Of course, this will take time, particularly with Intel's planned manufacturing leadership truly ramping in 2027."

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Intel shares dip after company reports $7 billion operating loss in foundry businessIntel shares fell 7% Wednesday after the company disclosed long-awaited financials for its foundry business, revealing an operating loss of $7 billion in 2023.
Source: CNBC - 🏆 12. / 72 Read more »