Signage outside Intel headquarters in Santa Clara, California on January 30, 2023.
David Paul Morris | Bloomberg | Getty Images
Intel Shares fell 7% on Wednesday after the company disclosed long-awaited financial data in an SEC filing for its semiconductor manufacturing or foundry business, revealing a $7 billion operating loss. dollars in 2023.
It was the first time Intel released total revenue for its foundry business alone, separating it from the products business, which reported an operating profit of $11.3 billion in 2023.
Intel said Tuesday it expects its foundry losses to peak in 2024 and break even halfway between the current quarter and the end of 2030.
Cantor Fitzgerald analysts, maintaining their neutral rating and $50 price target on the stock, praised the company for its new financial reporting structure but wrote that Intel will need to increase its foundry operating margins and of products.
“NOW is where the real work begins,” analysts wrote in a note to investors Tuesday. “Of course, this will take time, especially with Intel’s planned rise to manufacturing leadership in 2027.”
Stifel analysts wrote that they continue to view Intel’s strategic plans positively in a note released Tuesday, while reiterating a hold rating and $45 price target for the stock.
“With a multi-year execution cycle still ahead, we continue to favor shorter-term AI beneficiaries NVDA and AMD,” the analysts wrote.
— Kif Leswing of CNBC contributed to this report.
cnbc
Irish crushed by Huskies 16-14 Irish crushed by Huskies 16-14 Irish crushed by Huskies 16-14 SOUTH BEND, Ind. (AP) —…
Police identified the suspect as Joseph A CouchWashington, United States: Kentucky police reported an "active shooter situation" Saturday night near…
Taylor Swift and Travis Kelce looked like a stylish couple at model Karen Elson's wedding to Electric Lady Studios owner…
Life moves fast in college football.Editor's Choice1 RelatedIn Week 1, the Notre Dame Fighting Irish were the talk of the…
Canned legumes are convenient sources of fiber, protein, and antioxidants. They’re pre-cooked, ready to eat, and require less preparation effort…
NEW YORK - Belarusian Aryna Sabalenka beat sixth-seeded American Jessica Pegula 7-5, 7-5 in the US Open women's final on…