April 2 (Reuters) – Intel (INTC.O), opens new tab on Tuesday disclosed deepening operating losses for its foundry business, a blow to the chipmaker as it tries to regain a technology lead it lost in recent years to Taiwan Semiconductor Manufacturing (2330.TW), opens new tab.
Intel said the manufacturing unit had $7 billion in operating losses for 2023, a steeper loss than the $5.2 billion in operating losses the year before. The unit had revenue of $18.9 billion for 2023, down 31% from $27.49 billion the year before.
Intel shares were down 4.3% after the documents were filed with the U.S. Securities and Exchange Commission (SEC).
During a presentation for investors, Chief Executive Pat Gelsinger said 2024 would be the year of worst operating losses for the company’s chipmaking business and that it expects to break even on an operating basis by about 2027.
www.reuters.com/technology/intel-discloses-financials-foundry-business-2024-04-02/