CEO Bob Swan is paring down Intel's ambitions, and betting on a better second half.
Intel Corp.’s new chief executive officer Bob Swan pulled off the band-aid to reveal some of the chip giant’s issues Thursday, and now investors have to hope he can solve them and get on a better path.
Swan continued to pare down Intel’s previous ambitions Thursday, noting that Intel has been trying to become more focused by exiting businesses that did not fit in with its core, such as shutting down Saffron, a cognitive computing platform Intel acquired in 2015. Swan seemed to be undoing bad moves by previous leaders, without naming any names.
In the first quarter, Intel said its data-centric revenue was $7.5 billion, down 5%, while its data-center group ended the quarter with revenue at $4.9 billion, down 6%. Intel said it expects to see revenue in its data-centric business — its most important growth business — continue to decline in the high single digits.
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