Intel sells share stake in Arm
Tech company reportedly made $146.7 million from sale
Intel has sold its 1.18 million share stake in British semiconductor company Arm.
Disclosed in a regulatory filing, Intel reportedly raised an estimated $146.7 million from the sale based on Arm's average stock price between April and June, according to calculations by Reuters.
Arm debuted on the Nasdaq Fund Network in September last year, ending its first day of trading at $63.59 following an IPO price of $51. It was the fifth most traded stock in the world during its debut.
Intel's decision to sell its stake in Arm comes after it announced a wave of layoffs as part of a $10 billion cost reduction plan earlier this month, affecting more than 15% of its global workforce.
CEO Pat Gelsinger said the decision was made due to a lack of revenue growth, adding that Intel's "annual revenue in 2020 was about $24 billion higher than it was last year" despite a 10% increase in staff.
This article stated Intel sold its $1.18 million stake in Arm, which has been corrected to its 1.18 million share stake.