Intel slashed its dividend from 36.5 cents to 12.5 cents, a 65% reduction that comes just weeks after the chipmaker announced wide-ranging compensation cuts.
The dividend will be payable on June 1. "Prudent allocation of our owners' capital is important to enable our IDM 2.0 strategy and sustain our momentum as we rebuild our execution engine," CEO Pat Gelsinger said in a press release announcing the cut.its recently issued guidance for the first quarter of 2023. Intel guided to a 15 cent non-GAAP loss per share but didn't issue full-year guidance, citing economic uncertainty.
Intel's stock is down nearly 60% from its 2021 high, a reflection of both a challenging PC market and ofThe company said it aimed to deliver $3 billion in cost savings this year, in part through compensation cuts. Intel's fourth-quarter loss was the chipmaker's largest since 2017.
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