🌋 Intel Reports $7 Billion Operational Loss

posted  3 Apr 2024
Photo - Intel Reports $7 Billion Operational Loss
Intel has reported an operational loss of $7 billion for its manufacturing division in 2023, witnessing a 31% decline in revenue from the previous year, as reported by Reuters.

CEO Pat Gelsinger informed investors that 2024 is projected to be tougher, but the company aims to achieve a break-even status by 2027. He attributed the financial setbacks to erroneous decisions regarding equipment procurement.

Additionally, the company's business may have been impacted by the war in Israel, given that Intel had significant project and production operations in the region. This situation was explored in a dedicated article on our site.

Gelsinger pointed out that Intel has shifted towards the adoption of more efficient EUV (Extreme Ultraviolet) lithography tools, enhancing its competitiveness in pricing and performance and reclaiming its leadership stance.

The news even shocked Solana's founder, Anatoly Yakovenko, who expressed his surprise with a brief "oof".