Intel would have raised about $146.7 million from the sale, based on the average price of Arm's stock between April and June, according to Reuters calculations.
INTEL , which is cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stake in British chip firm Arm Holdings in the second quarter, a regulatory filing showed on Tuesday. Intel would have raised about $146.7 million from the sale, based on the average price of Arm 's stock between April and June, according to Reuters calculations.
Intel has said it is focused on developing advanced AI chips and building out its for-hire manufacturing capabilities, as it aims to recoup the technological edge lost to Taiwan's Taiwan Semiconductor Manufacturing Co., the world's largest contract chipmaker.The push to energize that contracting foundry business under Chief Executive Officer Pat Gelsinger has increased Intel's costs and pressured profit margins, forcing it to seek cost cuts.
Sells Stake In Chip Designer Arm Holdings
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trial starts for tycoon in $146-m graft caseDefining the News
Read more »
PNB Holdings taps delaware PH as SAP ERP implementation partner for business transformation initiativesDefining the News
Read more »
Robinsons, Hira Holdings to launch 1st luxury villa in SiargaoROBINSONS Hotels & Resorts (RHR) signs Hira Holdings Inc. (HHI) for a 10-year management agreement to bring global hospitality standards with a unique Filipino heart of service to Siargao.
Read more »
DMCI Holdings nets P11.1 billion in H1 2024, down 29%Latest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
DMCI Holdings profit down 29% in 1st halfCONSUNJI-LED DMCI Holdings Inc. (DMCI Holdings) saw its first-half net income plunge by 29 percent to P11.1 billion, from P15.6 billion a year earlier, on lower revenue contributions from its mining, power, real estate, and construction businesses.
Read more »
PAL Holdings earnings down 30% to P9.5B in H1Latest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »