Intel’s chipmaking division lost $13 billion last year, but its losses are no longer historic

That doesn’t mean the company’s in great shape, exactly, as its primary businesses were all down this quarter and barely up over the full year (see table below). And if you thought its chipmaking foundries were spending too much back when they lost $7 billion in 2023, well, Intel just revealed its foundries lost nearly double that — $13.4 billion — across 2024.

Intel says its foundry business is doing better anyhow, though, with reduced losses of $2.3 billion last quarter, expected “financial improvements” coming next year as its ramps production of its extreme ultraviolet lithography (EUV) chips, and a plan to hit “op inc break-even” by the end of 2027. Intel says its all-important 18A process, which uses EUV, will produce chips in volume in the second half of next year.

Meanwhile, the company seems to be laying off just as many employees as promised: by the end of 2024, it had 15,000 fewer employees than it did the previous quarter, the company confirmed today.

Over the full year, Intel lost $18.76 billion on $53.1 billion in revenue.