• Mon. Apr 22nd, 2024

Intel’s Foundry Business Slides to $7 Billion Loss in 2023, But Investments in Chip Factories Show Promising Future.

BySamantha Nguyen

Apr 3, 2024
Operating Loss of $7 Billion Reported by Intel’s (NASDAQ:INTC) Foundry Business

Intel’s Foundry business recently reported an operating loss of $7 billion in 2023, a significant increase from the previous year’s $5.2 billion. The company aims to achieve break-even operating margins by 2030, with expectations for its Foundry business to experience its highest operating losses in 2024. However, within the next seven years, Intel anticipates reaching 40% non-GAAP gross margins and 30% non-GAAP operating margins.

To support its turnaround efforts, Intel plans to invest $100 billion in constructing and expanding chip factories in four U.S. states. This initiative is crucial for the company to attract clients and showcase its manufacturing capabilities.

Despite a 35% increase in its share price over the past year, the average price target for INTC stock stands at $46.60 per share, indicating a 6.05% upside potential on Wall Street. Analysts have a consensus Hold rating on Intel stock, with seven Buys, 24 Holds, and four Sells assigned in the past three months.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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