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Intel Discloses $7 Billion Operating Loss For Chip-Making Unit

Intel on Tuesday disclosed $7 billion in operating losses for its foundry business in 2023, "a steeper loss than the $5.2 billion in operating losses the year before," reports Reuters. "The unit had revenue of $18.9 billion for 2023, down 31% from $63.05 billion the year before." From the report: I...

From the report: Intel shares were down 4.3% after the documents were filed with the U.S. Securities and Exchange Commission (SEC). Gelsinger said the foundry business was weighed down by bad decisions, including one years ago against using extreme ultraviolet (EUV) machines from Dutch firm ASML. Partially as a result of the missteps, Intel has outsourced about 30% of the total number of wafers to external contract manufacturers such as TSMC, Gelsinger said.

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