New Intel CEO says company will handle 'majority' of product production; TSMC
Earlier this month, reports suggested that Intel (NASDAQ:INTC) held advanced
talks with foundry TSMC (NYSE:TSM) about outsourcing production.
On the Q4 earnings call, incoming Intel CEO Pat Geisinger says he believes "a
majority" of the company's 2023 products will still be handled internally,
though it's "likely" outside foundries will be used more than in the past.
The company also declined to provide FY21 guidance at this time. Intel says
the forecast will come no later than the Q1 earnings call.
Intel also plans to provide more details about its 2023 product plans after
Geisinger formally takes the reins on February 15.
TSMC shares are down 1.6% after Geisinger's comments.
Earlier, Intel reported Q4 beats and upside Q1 guidance.