Semiconductor company Intel disclosed increasing operating losses for its foundry business on Tuesday, according to a regulatory filing with the U.S. SEC.

Intel said the manufacturing unit had $7 billion in operating losses for 2023, a steeper loss than the $5.2 billion in operating losses the year before. The unit had revenue of $18.9 billion for 2023, down 31% from $63.05 billion the year before.

Intel shares were down 2% after the documents were filed.

Intel plans to spend $100 billion on building or expanding chip factories in four U.S. states. Its business turnaround plan depends on persuading outside companies to use its manufacturing services.

As part of that plan, Intel told investors it would start reporting the results of its manufacturing operations as a standalone unit. The company has been investing heavily to catch up to its primary chipmaking rival, Taiwan Semiconductor Manufacturing Co .

  - Reuters