Intel slashes divdend by nearly two-thirds to shore up cash as chip giant braces for a tough year

Intel has announced that it is cutting its dividend from $0.365/share to $0.125/share in an effort to conserve cash amid the tough economic environment. This is part of a bigger effort to cut up to $3 billion this year and up to $10 billion per year by 2025, which includes phasing out certain operations, laying off employees, reducing compensation from executives and other cuts. Intel is also investing in its own tech by building out its own internal foundry. Last quarter, the company reported a 32% decline in revenues to $14 billion and is now facing reports of chip delays. Intel is working to keep up investor confidence and rebuild its execution engine as it moves forward.

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