By Shreya Biswas
Copyright indiatimes
ReutersIntel stock today
INTC stock today: Intel shares surged about 5% on Monday after the chipmaker said it’s lowering its full-year cost forecast, due to a recent deal involving its Altera business, as per a report. After today’s rise, shares of Intel are around 27% higher year-to-date, reported Investopedia. Intel Sells Majority Stake in Altera to Silver LakeThe company announced it had completed the sale of a 51% stake in Altera, its programmable chip unit, to private equity firm Silver Lake for around $3.3 billion, as per an Investopedia report. The deal was first disclosed in April and officially closed last Friday, according to the report. Intel will retain ownership of the remaining 49% of Altera, as per Investopedia.ALSO READ: Fed meeting this week: What to expect on interest rates and voting membersIntel Lowers 2025 Operating Expense TargetAs a result of the cash infusion from the transaction, Intel has revised its fiscal 2025 non-GAAP operating expenses target to $16.8 billion, down from the previously projected $17.0 billion, as reported by Investopedia. Its target for fiscal 2026 operating expenses remains unchanged at $16.0 billion, according to a regulatory filing, reported Investopedia.The divestiture comes as the struggling semiconductor manufacturer is going through structural changes and mounting financial pressure. Live EventsCEO Lip-Bu Tan Focuses on Cost Cuts and Foundry StrategyCEO Lip-Bu Tan has taken steps to cut spending during the company’s second-quarter earnings report, he said that Intel was “taking the actions needed to build a more financially disciplined foundry,” as quoted by Investopedia. He also said that the company plans to slash Intel’s workforce to 75,000 and to establish a separate board for the foundry unit, which the company hopes will secure a major customer for its 14A process in 2026, as per a Benzinga report.ALSO READ: TikTok ban canceled? US-China reach framework deal, Trump and Xi to discuss on FridayCFO Highlights Positive Impact of Asset Sales and Spending CutsCFO David Zinsner had said at that time that the “changes we are making to reduce our operating costs, improve our capital efficiency and monetize non-core assets are having a positive impact,” as quoted in the report.FAQsWhy did Intel stock go up today?Intel shares rose after the company lowered its cost forecast following the sale of a 51% stake in Altera.What are Intel’s new cost projections for 2025?Intel expects 2025 non-GAAP operating expenses to be $16.8 billion, down from $17.0 billion.Add as a Reliable and Trusted News Source Add Now!
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