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Intel recorded a decline in sales in the fourth quarter and a net loss when the US chip maker tried a turn after turbulence that led to Chief Executive Pat Gelsinger last year.
The Silicon Valley Group stated that its revenue has dropped 7 percent to $ 14.3 billion in the fourth quarter in the fourth quarter. It also achieved a net loss of around $ 126 million compared to $ 2.7 billion in the same period in the previous year. Analysts forecasted a loss in the fourth quarter of USD 838 million for sales of USD 13.8 billion.
“The cost reduction plan, which we announced last year to improve the company’s trajectory, has an impact,” said David Zinsner, Interim co-CEO and Chief Financial Officer. “We promote culture of efficiency in the entire business, while we lead to larger returns of our invested capital and improved profitability.”
Intel Still looking for a replacement board to try to revive his assets. Gelsinger was forced In December after four years as CEO in the middle of the increasing pressure of investors who had lost confidence in his vision for turn around The business by reinventing it as a customer -oriented chip production. The company recorded a loss of $ 16.6 billion in the third quarter of 2024, the largest quarterly loss in its history.
Intel’s forecasts for sales and profits in the first quarter of 2025 were no longer in the forecasts of Wall Street. The group stated that the ongoing quarter turnover will be between $ 11.7 billion and $ 12.7 billion, with the estimates of the average analysts of USD $ 12.9.
Intel’s shares rose by about 2 percent in the trade with after-hour trading in New York.
