(Bloomberg) -- Intel Corp., which is slashing jobs and expenses in a bid to turn around the business, sold its holdings in chip technology creator Arm Holdings Plc during the second quarter.
The company reported in a regulatory filing Tuesday that it no longer owns the 1.18 million shares it held three months earlier. Based on the average price of Arm's stock during that period — $124.34 — the sale would have raised about $147 million for Intel.
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Intel is struggling to regain its footing in an industry it once dominated. Earlier this month, the company delivered one of the worst earnings reports in its 56-year history, causing the stock to lose close to a third of its value. To get back on track, Intel is cutting 15,000 jobs and reducing other expenses. The chipmaker also suspended its dividend.
Though the sale of Arm shares may have provided a windfall, the company still reported a net loss of $120 million on its equity investments in the period.
A representative for Santa Clara, California-based Intel declined to comment.
Arm, which sold shares last year in the 2023's largest initial public offering, is majority-owned by Japan's SoftBank Group Corp. The company licenses chip designs and blueprints to across the semiconductor industry, including to Intel.
Intel produces the majority of its own chips based on in-house designs. But those products have lost ground to rivals, many of which use Arm's products.
(Updates with company declining to comment in fifth paragraph.)
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