Patrick Gelsinger, CEO of Intel Corp (NASDAQ:INTC), recently acquired 11,150 shares of the company's common stock, valued at approximately $251,198. The shares were purchased at a weighted average price of $22.529 per share. This transaction, executed on November 4, 2024, increases Gelsinger's direct ownership to 105,033 shares.
Additionally, Gelsinger holds shares indirectly through various trusts, with post-transaction ownerships ranging from 1,480 to 191,926 shares across different accounts.
In other recent news, ride-hailing company Lyft (NASDAQ:LYFT), Inc. and autonomous vehicle technology firm Mobileye have announced a collaboration for the commercialization of autonomous vehicle services. The initiative will allow autonomous vehicle operators to purchase vehicles equipped with Mobileye Drive, ready for integration with Lyft's platform. These operators will have access to Lyft's 40 million annual riders, optimizing fleet utilization and profitability.
Intel Corporation (NASDAQ:INTC) has reported a third-quarter revenue of $13.3 billion, marking a 4% sequential increase. The company's programmable chips division, Altera, showed a 14% sequential increase in revenue, reaching $412 million for the quarter ending September 30. Private equity firms Silver Lake and Bain Capital are reportedly preparing bids for a minority stake in Altera, a move that Intel CEO Pat Gelsinger has indicated is a precursor to an initial public offering planned for early 2025.
These are recent developments that reflect the ongoing strategies of both Lyft and Intel to navigate financial challenges and refocus their business operations.
InvestingPro Insights
Patrick Gelsinger's recent acquisition of Intel shares aligns with some interesting insights from InvestingPro. Despite the company's current challenges, InvestingPro Tips highlight that 13 analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about Intel's future performance.
Intel's market capitalization stands at $107.7 billion, reflecting its position as a prominent player in the Semiconductors & Semiconductor Equipment industry. This aligns with another InvestingPro Tip, which emphasizes Intel's significant role in the sector.
The company's financial metrics paint a complex picture. Intel's revenue for the last twelve months as of Q3 2024 was $54.25 billion, with a modest revenue growth of 2.62%. However, the operating income for the same period was negative at -$3.73 billion, resulting in an operating income margin of -6.88%. This data supports the InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
Despite these challenges, Intel has shown a strong return over the last three months, with a price total return of 18.35%. This recent performance might have influenced Gelsinger's decision to increase his stake in the company.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide further insights into Intel's financial health and future prospects.
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