Intel Corp. slashed its quarterly dividend by almost two-thirds, as it proceeds to cut costs after major losses.
The U.S.-based chip manufacturer will reduce its fourth quarterly dividend from $0.365 to $0.125, a loss of more than 65 percent, the chipmaker announced on Feb. 22.
This comes after the company announced the implementation of a series of wide-ranging cost cuts earlier this month.
Intel executives plan to take pay cuts after the chipmaker reported weak fourth-quarter numbers that caused company’s share price to tumble.
The firm’s latest results saw a $664 million net loss for the fourth quarter of 2022, after failing to meet estimates because of a steeper than expected falloff in PC chip sales….