Intel Stock Is Falling Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Intel Corp (NASDAQ:INTC) shares fell after announcing a $7 billion operating loss in its foundry business for 2023, down from $27.5 billion revenue in 2022. Intel aims for break-even margins by 2030 and appointed Lorenzo Flores as CFO of Intel Foundry. The company also introduced a new financial reporting structure to enhance transparency and drive cost discipline.
April 03, 2024 | 12:35 pm
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Intel Corp reported a significant operating loss in its foundry business for 2023 and aims for break-even margins by 2030. The company also announced a new financial reporting structure and the appointment of Lorenzo Flores as CFO of Intel Foundry.
The reported $7 billion operating loss in Intel's foundry business for 2023, compared to previous years, indicates a significant negative impact on the company's financial health. This news, coupled with the downward revision of revenue from $27.5 billion in 2022 to $18.9 billion in 2023, is likely to shake investor confidence in the short term, leading to a negative impact on the stock price. The appointment of a new CFO for the foundry business and the introduction of a new financial reporting structure may be seen as positive steps towards addressing these issues, but the immediate reaction is likely to be driven by the loss figures and the projected timeline for achieving break-even operating margins.
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