The company has applied the new financial model for its foundry business to previous years’ results and says that last year the foundry operation had revenues of $18.9 billion for a loss of $7 billion down from 2022 revenues of $27.5 billion when the loss was $5.2 billion.
CEO Pat Gelsinger said that 2024 will see the peak of the foundry business’ losses and that it should be profitable around 2027.
CFO Dave Zinsner, said, “This model is designed to unlock significant cost savings, operationalIMG_3019-150×150.webp efficiencies and asset value. As it begins to take hold, we expect to accelerate on our path toward achieving our ambition of 60% non-GAAP gross margins and 40% non-GAAP operating margins in 2030. Ultimately, improved cost competitiveness will help us deliver process technology, product and foundry leadership while driving significant financial upside for Intel and our owners.”
