April 18, 2024


Signage outside Intel headquarters in Santa Clara, California, Jan. 30, 2023.

David Paul Morris | Bloomberg | Getty Images

Intel shares fell almost 8% on Wednesday after the company disclosed long-awaited financials in an SEC filing for its semiconductor manufacturing, or foundry, business, revealing an operating loss of $7 billion in 2023.

It was the first time Intel had reported revenue totals for its foundry arm alone, separating it from the products business, which reported $11.3 billion in operating income in 2023.

Intel said Tuesday that it expects its foundry losses to peak in 2024 and break even halfway between the current quarter and the end of 2030.

Analysts at Cantor Fitzgerald, maintaining their neutral rating and $50 price target on the stock, lauded the company for its new financial reporting structure but wrote that Intel will need to drive its foundry and product operating margins higher.

“NOW is when the real work begins,” the analysts wrote in a Tuesday investor note. “Of course, this will take time, particularly with Intel’s planned manufacturing leadership truly ramping in 2027.”

Stifel analysts wrote that they continue to view Intel’s strategic plans positively in a note Tuesday while reiterating a hold rating and target price of $45 on the stock.

“With a multi-year execution cycle still ahead, we continue to prefer nearer-term AI beneficiaries, NVDA and AMD,” the analysts wrote.

— CNBC’s Kif Leswing contributed to this report.


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