CEO Pat Gelsinger acknowledged investors’ concerns about the chipmaker at an event on Thursday.
Intel CEO Pat Gelsinger said he respects the"skepticism" that he's seeing from the market regarding the company's turnaround efforts
Earlier this month, Intel's stock had its worst day in over 50 years following a brutal earnings report."We respect some of the skepticism we've received from the market," Gelsinger said in a fireside chat at Deutsche Bank'sIntel's stock price plunged 26% following the company's quarterly earnings report earlier this month, its worst day on Wall Street in over 50 years. The shares are down 59% this year, trading near their lowest in more than a decade.
Gelsinger said on Thursday that the company continues to grapple with AI-driven weakness in its server business. But he expressed optimism about the future.He added that the company would soon launch Lunar Lake, which he called"the most compelling AI PC product ever." Intel shares rose more than 4% on Thursday, rallying alongside the broader tech sector.help it fend off activist investor scrutiny, CNBC reported on Friday.
Gelsinger acknowledged that Intel shareholders are justifiably unhappy with the company's performance. Intel announced earlier this month, on the day of its earnings report, that it was laying of 15,000 employees and would explore cuts in its portfolio. Gelsinger said he believed those efforts would pay off, and pointed to"signals" from external foundry customers in the pipeline.
In the latest quarter, Intel swung to a $1.61 billion net loss after reporting net income of $1.48 billion in the year-earlier period, and revenue missed estimates.
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