Intel sells its stake in Arm, estimated to be $147 million
With Intel losing $1.6 billion in its second quarter, they have sold their entire stake in Arm Holdings during the second quarter, the company’s filing with the U.S. Securities and Exchange Commission revealed. The company also sold its stake in ZeroFox, a cybersecurity company, and reduced stake in Astera Labs, a developer of connectivity platforms for enterprise.
Earlier this month, the company posted a dismal earnings report, which led to a nearly 33% drop in its stock value. Intel’s struggles are compounded by the loss of unit and revenue market share to competitors, such as AMD, which uses the x86 instruction set architecture, and Apple, which uses the Arm ISA.
In response, Intel has announced plans to eliminate 15,000 jobs and cut other expenses to stabilize its financial position. Additionally, the company has suspended its dividend as part of these austerity measures.
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