Operating Loss of $7 Billion Reported by Intel’s (NASDAQ:INTC) Foundry Business

Intel’s Foundry Business Faces $7 Billion Loss in 2024, But Company Aims for Break-Even by 2030

Intel, a leading chip maker, reported that its Foundry business faced an operating loss of $7 billion in 2023, up from $5.2 billion in the previous year. Despite this, the company aims to achieve break-even operating margins by 2030. In the next seven years, Intel expects its Foundry business to experience its highest operating losses in 2024. However, within the same time frame, the company anticipates reaching 40% non-GAAP gross margins and 30% non-GAAP operating margins.

To support its turnaround efforts and showcase its manufacturing capabilities, Intel plans to invest $100 billion in constructing and expanding chip factories in four U.S. states. This initiative is crucial for the company to attract clients and maintain its competitive edge in the industry.

On Wall Street, analysts have a consensus Hold rating on Intel stock, with seven Buys, 24 Holds, and four Sells assigned in the past three months. Despite a 35% increase in its share price over the past year, the average price target for INTC stock stands at $46.60 per share, indicating a 6.05% upside potential.

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