Intel slashes dividend through 66% in try to correct itself

Intel slashes dividend through 66% in try to correct itself
Intel slashes dividend through 66% in try to correct itself

Intel is slashing its quarterly dividend through 66% because the chip maker makes an attempt to rejuvenate gross sales in a marketplace that the place pageant is expanding as some firms and families scale back on tech spending.

After posting a $664 million fourth-quarter loss remaining month and sticking through a pessimistic outlook from January, Intel stated Wednesday that trimming its payout to shareholders will supply extra flexibility as the corporate makes an attempt to change into operations all the way through a length of “macroeconomic uncertainty.”

Intel Corp. is reducing its quarterly dividend to twelve.5 cents in line with proportion, a reduce of just about two-thirds from the 36.5 cents it has paid since early 2022.

The dividend will probably be payable on June 1 to shareholders of file on Would possibly 7.

The Santa Clara, California, corporate reiterated Wednesday that it expects to publish first-quarter earnings of between $10.5 billion and $11.5 billion. Analysts polled through FactSet be expecting $11.12 billion.

Stocks, down 11% during the last month, fell reasonably to $25.90.

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