Intel's third quarter loss of $16.6 billion is unprecedented, driven by $18 billion in restructuring and impairment costs. However, revenue projections remain cautiously optimistic.
CEO Pat Gelsinger noted that while the tech giant is making significant cuts to save cash, the short-term operational costs from layoffs are substantial.
CFO David Zinsner clarified that the hefty loss largely stems from a $9.9 billion write-off of deferred tax assets, reflecting the severity of Intel's financial challenges.
Despite a considerable loss, Intel's revamp plan has led to a positive stock market response, with the stock surging by up to 15 percent on after-hours trading.
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