• Sun. Apr 14th, 2024

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

BySamantha Johnson

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

Chip maker Intel recently reported that its Foundry business faced an operating loss of $7 billion in 2023, compared to $5.2 billion in the previous year. 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.

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. 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.

By Samantha Johnson

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