Intel Corp. has stuck with its current financial forecast despite the abrupt departure of Chief Executive Officer Pat Gelsinger, and will continue to keep a tight rein on capital spending. During a presentation at the UBS Global Technology and AI Conference on Wednesday, Chief Financial Officer Dave Zinsner said the company stands by its guidance and remains committed to its core strategy.
Zinsner also emphasized that Intel’s “core strategy” is intact, but acknowledged a need for a cultural change in how the company approaches capital spending. Naga Chandrasekaran, a Micron Technology veteran overseeing Intel’s manufacturing operations, noted that the company needs to adopt a more conservative approach and prioritize “no capital left behind,” rather than the previous “no wafer left behind” strategy.
Intel’s sales forecast for the current quarter remains unchanged at $13.3 billion to $14.3 billion, which is in line with analyst estimates. The company also assured that it has no concerns about its Chips Act grant, valued at around $7.9 billion, which aims to revitalize the domestic semiconductor industry.
The departure of Gelsinger, who took the job less than four years ago, was reportedly due to a board decision giving him the option to retire or be removed. Despite this change, Intel’s executives expressed confidence in the company’s future prospects and its ability to execute on its strategy.
Source: https://finance.yahoo.com/news/intel-stands-forecast-ceo-exit-214735756.html