Chipmaker Intel to lower quarterly dividend to conserve cash
Intel Corp, one of the largest semiconductor companies in the United States, has announced that it will be reducing its quarterly dividend as part of its strategy to improve capital amid uncertain times.
The company will reduce the quarterly dividend to $0.125 per share, or 50 cents annually, it said.
The company has been experiencing a decline in two of its most important markets – personal computers and data centers – after two years of strong growth driven by the pandemic-led remote work.
In January, the company had warned that it would lose money in the first quarter due to the weakening of its key markets. As part of its efforts to mitigate these challenges, Intel has committed to reducing $3 billion in costs this year and between $8 and $10 billion in savings by the end of 2025.
The dividend will be payable on June 1 to stockholders of record on May 7. CNBCTV18
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