Intel Stock Drops as Loss Widens, Sales Decline in Chipmaker's Foundry Business

Key TakeawaysIntel shares moved lower in extended trading Tuesday evening after the company disclosed a widening loss and declining sales in its foundry business.The chipmaker's foundry business reported an operating loss of $7 billion on sales of $18.9 billion last year, compared to a loss of $5.2 billion on sales of $27.5 billion in 2022.Intel CEO Patrick Gelsinger said he expects losses in the foundry business to peak this year before breaking even midway between now and the end of 2030.Investors should ...