Intel slumps as potential foundry exit deepens investor gloom

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Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

Lip-Bu Tan said on Thursday he would further shrink Intel’s workforce, halt work on two plants in Europe and slow another in Ohio, binning his ousted predecessor’s strategy that relied on building costly facilities to restore its manufacturing edge.

The plan for such extreme measures follows a surprise second-quarter adjusted loss…



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Intel slumps as potential foundry exit deepens investor gloom



Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

Lip-Bu Tan said on Thursday he would further shrink Intel’s workforce, halt work on two plants in Europe and slow another in Ohio, binning his ousted predecessor’s strategy that relied on building costly facilities to restore its manufacturing edge.

The plan for such extreme measures follows a surprise second-quarter adjusted loss…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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