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Economic Times

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Intel discloses $7 billion operating loss for chip-making unit

Intel's foundry business saw an increase in operating losses in 2023, with $7 billion in losses. The unit's revenue also declined by 31% to $18.9 billion. Intel's CEO, Pat Gelsinger, admitted that the foundry business had made bad decisions in the past, including not using more cost-effective extreme ultraviolet (EUV) machines. As a result, Intel has outsourced a significant portion of its chip production to external contract manufacturers. Gelsinger expects the foundry business to break even on an operating basis by around 2027.

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