Intel is slashing its quarterly dividend by 66% because the chip maker makes an attempt to rejuvenate gross sales in a market that the place competitors is rising as some companies and households reduce on tech spending.
After posting a $664 million fourth-quarter loss final month and sticking by a pessimistic outlook from January, Intel stated Wednesday that trimming its payout to shareholders will present extra flexibility as the corporate makes an attempt to remodel operations throughout a interval of “macroeconomic uncertainty.”
Intel Corp. is decreasing its quarterly dividend to 12.5 cents per share, a lower of virtually two-thirds from the 36.5 cents it has paid since early 2022.
The dividend might be payable on June 1 to shareholders of report on Could 7.
The Santa Clara, California, firm reiterated Wednesday that it expects to submit first-quarter income of between $10.5 billion and $11.5 billion. Analysts polled by FactSet count on $11.12 billion.
Shares, down 11% over the previous month, fell barely to $25.90.
