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Intel on Tuesday revealed deepening operating losses at its foundry business, frustrating its efforts to regain its technology leadership.
The segment’s losses reached $7 billion in 2023, which was larger than the $5.2 billion in the previous year, and revenue also fell 31% to $18.9 billion. The news caused Intel shares to fall 4.3%.
CEO Pat Kissinger said that the OEM business will still face serious losses in 2024, but it is expected to achieve breakeven by around 2027.
Intel plans to invest $100 billion to build or expand chip factories in four U.S. states and hopes to persuade outside companies to use its manufacturing services.
(Source: Reuters Image source: freepik)
