Intel’s chief executive officer and chief financial officer offer comments after the company released its third-quarter 2023 earnings

https://d1io3yog0oux5.cloudfront.net/_10bf495a50cde0defca489b5be81ea41/intel/db/887/8973/prepared_remarks/3Q23-Earnings-Script-FINAL.pdf

"Finally, our Smart Capital strategy underpins our relentless drive for efficiency and our commitment to be great allocators of our owner’s capital, while consistently looking for innovative ways to unlock value for all our stakeholders. We remain on track to reducing costs by $3 billion in 2023, and we continue to see significant incremental opportunities for operational improvement, as we execute on our internal foundry model. In addition, in Q3, we made the decision to divest the pluggable module portion of our silicon photonics business, allowing us to focus on the highervalue component business and optical I/O solutions to enable AI infrastructure scaling. This marks the 10th business we have exited in the last two-and-a-half years, generating $1.8 billion in annual savings and a testament to our efforts to optimize our portfolio and drive long-term value creation."