Intel Reports Profit as U.S.Government Buys Stake.
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Intel has made a profit in their new report. The US government now owns a part of this company. This is Intel's first report since the US became a big owner.
Intel made $4.1 billion in net income this quarter. Their revenue increased by 3% from last year. The revenue reached a total of $13.7 billion for the quarter.
The company's stock went up by almost 8%. This happened after the US invested this summer. The stock price went to $41.10 in after-hours trading.
The new CEO, Lip-Bu Tan, is making big changes. He is cutting jobs and stopping some projects. This is to help Intel's money situation and compete better with rivals.
The US government took a 10% share in Intel in August. This was to help important companies for national security. Intel received almost $9 billion under the CHIPS and Science Act of 2022.
Questions
What did Intel report about their profit?
Intel has made a profit in their new report.
How much net income did Intel make this quarter?
Intel made $4.1 billion in net income this quarter.
Who is the new CEO of Intel?
The new CEO of Intel is Lip-Bu Tan.
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