'A Bit of Austerity:' Intel CEO Plans to Tighten Belt Following Rough Second Quarter

'A Bit of Austerity:' Intel CEO Plans to Tighten Belt Following Rough Second Quarter


Intel is searching for cost-saving alternatives following a rough second quarter. The chip giant’s CEO Pat Gelsinger told investors last week that he has exited six businesses since taking over as CEO in 2021, and that the company has recently exited its drone business.

“This is a time for a bit of austerity,” Gelsinger told Yahoo Finance. “We had stuff we created over the last decade that needed to be cleaned up. It helps drive a more accelerated pace to the transformation we have under way.”

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The CEO added that the six business exits have freed up $1.5 billion for Intel to invest elsewhere.

Shares of Intel reportedly fell more than eight percent in

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