Intel Corp (NASDAQ:INTC, ETR:INL) sold its stake in Arm Holdings PLC (NASDAQ:ARM) during the second quarter, offloading 1.18 million shares it held three months prior, according to Bloomberg.
Based on Arm's average stock price of $124.34 during that time, Intel likely generated around $147 million from the sale. Despite this influx, Intel reported a net loss of $120 million on its equity investments for the period, the report concluded.
Intel has been struggling to regain its dominance in the chip industry, and recent financial troubles have led to drastic measures, including cutting 15,000 jobs and suspending its dividend. The company's stock took a hit after a disappointing earnings report, losing nearly a third of its value.
Arm, which had the largest IPO of 2023, is primarily owned by Japan’s SoftBank Group Corp.
While Intel designs and produces most of its own chips, competitors using Arm's technology have gained significant ground.