Connect with us

Hi, what are you looking for?


Intel will ‘focus’ less on buying back company stock -CEO

Stock Markets2 hours ago (May 02, 2021 07:15PM ET)

(C) Reuters. Pat Gelsinger speaks during a news conference in Tokyo

NEW YORK (Reuters) – The chief executive of the biggest U.S. chip-maker, Intel Corp (NASDAQ:INTC), said the company is going to curb its focus on buying back its own stock.

“We will not be anywhere near as focused on buybacks going forward as we have in the past,” Intel Chief Executive Officer Pat Gelsinger said in an interview on the CBS news magazine “60 Minutes” to air on Sunday night.

Gelsinger’s comments were in response to a question comparing how much Intel has spent buying its own stock compared to its investment in research and development.

A global shortage of semiconductor chips, critical in cars, laptops and other major consumer products, has put a spotlight on Intel, the only major U.S. chip manufacturer.

In the first quarter, Intel spent $2.3 billion on share repurchases, according to Bloomberg, which first reported Gelsinger’s comments.

The new CEO said in March that Intel will spend up to $20 billion to build two new factories in Arizona, greatly expanding its advanced chip manufacturing capacity. The majority of chips are currently produced in Asia.

According to a transcript of the “60 Minutes” interview, Gelsinger said Intel is also planning to reconfigure some factories to make chips for cars. Ford Motor (NYSE:F) Co, General Motors Co (NYSE:GM) and other automakers have cut production due to the shortage.

Intel’s board of directors support the move to curtail stock buybacks, Gelsinger said.

Intel will ‘focus’ less on buying back company stock -CEO

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.


Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.


Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.


Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved