Bernstein analyst Stacey Rasgon acknowledged the difficult economic situation in manufacturing but noted that Intel is aware of the need for a more efficient cost structure.
Rasgon talked about Intel’s plan to cut costs by $8-10 billion, including $3 billion this year, through various efficiency measures.
While no customers were disclosed by Intel, Wells Fargo analyst Aaron Reikers was positive about the strategy, particularly details of the cost savings, despite “warnings about performance uncertainty.”
The lack of customer announcements may also have contributed to Intel’s stock drop, but management hinted at possible announcements in the second half of the year that should fix the situation.
Source: Ferra
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