Intel Ends 2024 with $18.8 Billion in Losses

Intel has reported a net loss of $18.8 billion for 2024, marking a tough financial year for the chipmaker.

Despite the losses, Intel’s stock rose 3.6% after hours as quarterly revenue exceeded analyst expectations. Revenue for the last quarter fell 7% year-over-year to $14.26 billion but still surpassed the projected $13.81 billion. However, net losses for the quarter stood at $126 million, a stark contrast to the $2.67 billion profit recorded a year earlier.

Interim CEO and CFO David Zinsner, who stepped in after Pat Gelsinger’s departure, stated that the company is actively searching for a new CEO but has not disclosed further details. While Intel's outlook for the next quarter remains weak, investors remain cautiously optimistic about the company’s long-term prospects.