Intel drops almost 8% after chipmaker reports hefty loss in foundry business

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 curren ...