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Shares Drop: CEO Signals Cost-Cutting Measures at Intel

Shares Drop: CEO Signals Cost-Cutting Measures at Intel

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by Giorgi Kostiuk

12 hours ago


Intel shares fell 8.5% following remarks from CEO Lip-Bu Tan, sparking investor concerns regarding the company’s future steps.

CEO Statements and Impact on Shares

During the Q2 earnings call, Tan announced a pause on some factory projects and a more cautious spending approach. He criticized investments made under former CEO Pat Gelsinger as 'excessive and unwise.' This statement triggered a sell-off, driving shares down to $20.70—the largest single-session decline in over a quarter.

Company Strategy and Upcoming Changes

Under Gelsinger's leadership, Intel aimed to become a leading foundry for third-party clients, focusing on the development of the advanced 14A process. However, Tan indicated that the deployment of the 14A process would proceed in a limited, step-by-step fashion, stating that full production would not commence until sufficient customers were secured.

Financial Results and Future Outlook

This week, Intel announced plans to carve out its networking group as an independent entity, seeking strategic backers. Projections for Q3 revenue are between $12.6 billion and $13.6 billion, although profit targets are expected to fall short. In Q2, Intel reported revenue of $12.9 billion, almost unchanged year-over-year, but exceeding the $11.9 billion consensus.

Overall, Intel's actions and management comments raise investor concerns, potentially impacting the company’s future in a competitive market.

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