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Intel Shares Slip After Breaking Out Foundry Business Results

By Ben Glickman


Shares of Intel were trading lower after the company released restated results for the last three years breaking out its foundry business.

The stock was down 3.6% to $42.37 in late Tuesday trading following a 1.3% drop at the close. Shares are down about 13% since the start of the year.

The chipmaker said in regulatory filings that it had generated an operating loss of $6.96 billion in its Foundry business, widening from a 2022 operating loss of $5.2 billion.

The Foundry business's internal revenue, or its sales originating from within the company, fell about 34% to $18 billion in 2023 from a year earlier.

Intel is breaking out results for its chip-manufacturing business as it looks to drive profit in that part of its business.

Chief Financial Officer David Zinsner said on a call with analysts that the company is expecting that 2024 is the low point for Foundry's operating losses, with breakeven operating margin in the next few years.


Write to Ben Glickman at


(END) Dow Jones Newswires

April 02, 2024 18:32 ET (22:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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