Intel has announced losses of more than $16.6 billion in the last fiscal quarter. The loss is the highest ever for the 56-year-old company. The biggest losses came from $15.9 billion in charges resulting from lowered company asset value, and $2.8 billion that came from the cost of firing over 15K workers.
Intel Posts $16.6 Billion Quarterly Loss, Its Biggest Ever – The New York Times
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Intel on Thursday posted the biggest quarterly loss in its 56-year history, as the onetime highflying chip maker struggles to turn itself around.
The Silicon Valley company said its loss for the third quarter totaled $16.6 billion, a result of $15.9 billion in charges to reflect lowered valuations of company assets and a $2.8 billion restructuring charge associated with cutting more than 15,000 workers.
Pat Gelsinger, Intel’s chief executive, had ordered the restructuring in August in response to shrinking profit margins caused by the costs of catching rivals in manufacturing technology and little success in the booming market for artificial intelligence chips, among other factors.
