Intel sells stake in UK semiconductor firm Arm Holdings

Intel has sold its 1.18 million share stake in UK semiconductor firm Arm, as revealed in a recent regulatory filing. 

The sale, based on Arm’s average stock price from April to June, netted Intel approximately $146.7 million, according to Reuters’ calculations.

Arm went public on the Nasdaq in September last year, closing its debut at $63.59 per share after an initial offering price of $51. 

The stock was one of the top five most traded globally on its first day.

This move follows Intel’s announcement of significant layoffs earlier this month as part of a $10 billion cost-cutting initiative, which will impact over 15% of its global workforce. 

CEO Pat Gelsinger cited stagnant revenue growth as a key factor in the decision, noting that Intel’s revenue in 2020 was about $24 billion higher than in the previous year, despite a 10% increase in staff.