Tech

Intel factory losses widen as company plots costly comeback

Sales at Intel Foundry, a new division of the company responsible for manufacturing, dropped from $27.5 billion to $18.9 billion

Pat Gelsinger, Intel’s chief executive, shared more details about the company’s manufacturing operations, part of a shake-up at the iconic chipmaker. Picture: RollingNews

Intel said that losses have deepened at the chipmaker’s factory network and the business may not reach a break-even point for several years.

Intel Foundry, a new division of the company responsible for manufacturing, had sales of $18.9 billion in 2023, down from $27.5 billion the previous year, the company said late Tuesday. The operating loss at the new unit widened to $7 billion from $5.2 billion.

Pat Gelsinger, the company’s chief executive, shared more ...