Intel, the world giant in chip production, announced that it sold its 1.18 million shares in the British chip design company ARM. This move coincided with a period when Intel was going through a difficult period and was in the process of restructuring, causing investors to worry. We are talking about the details…
Intel gave up ARM shares!
Average in the second quarter of 2024 ARM Based on share prices, it is estimated that Intel earned approximately $147 million in revenue from this sale. However, experts think that this decision is part of Intel’s strategy to optimize its own operations, rather than a decrease in trust in ARM.
In addition to all these predictions and analyzes of market experts, the sale of a share worth $ 147 million, which can be called a crispy snack money for a giant company like Intel, also seems worrying for Intel’s partners and shareholders.
Despite all these negative developments, Intel CEO Pat Gelsinger announced that they aim to make the company a leader in the field of advanced artificial intelligence chip development and production services. However, this strategy also brings increased costs. The company has announced a $10 billion cost-cutting plan in response to competitive pressure and plans to reduce its headcount by 15 percent in the new term.
According to financial reports, Intel has $11.3 billion in cash and cash equivalents as of June, while its total short-term liabilities are around $32 billion. The company’s share value has fallen by 57 percent since the beginning of the year, almost hitting the bottom.
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