Intel Corporation (NASDAQ:INTC) shares declined sharply by 8.5% following its most recent earnings report, where the company issued a warning that alarmed investors. Intel stated it might have to halt the development of its next-generation 14A chip manufacturing technology, a move that could result in significant financial write-offs.
The announcement drew criticism from CNBC’s Jim Cramer, who has repeatedly questioned the company’s direction under CEO Patrick Gelsinger. Cramer voiced particular concern over Intel’s use of government funds and its deteriorating balance sheet, reiterating his skepticism about the company’s current strategy.
“Gelsinger tried to build things in here with government money and he lost 18 billion,” Cramer commented. “Now we got a balance sheet that I don’t even know can sustain what’s going on.”
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