The big idea is that the company will have enough financial flexibility amid dropping revenue and profits. Starting from June 1, 2023, Intel will pay $0.125 per share quarterly on the company's common stock, which means that the company will pay investors $2 billion instead of $6 billion this year.

The savings are also expected to cover Intel as it faces lower demand for its products in the short term.

Intel CEO Pat [kicking] Gelsinger said: "We remain on track to deliver five nodes in four years and continue to expand the IFS (Intel Foundry Services) customer base."

In recent years Intel has lost its manufacturing technology leadership to TSMC due to overly aggressive goals with its 10nm fabrication process that led to major delays for high-volume manufacturing. These delays and management missteps led to delays of major products, which is why Intel lost some of its datacenter CPU performance leadership to AMD.

After Pat Gelsinger became chief executive of Intel in 2021, he introduced the company’s IDM 2.0 strategy that is meant to bring back product and process technology leadership back to Intel. Under the new strategy, Intel plans to aggressively introduce new process technologies, expand its manufacturing capacity to offer foundry services to other companies, and outsource some of its production to contract chipmakers when and if it makes sense.

Intel's management re-emphasised that the company was on track to 'launch' the next generations of its client and server processors in 2023 and 2024.

"We are well into the ramp of 13th Gen Intel Core and 4th Gen Intel Xeon Scalable processors, and we look forward to the launch of Meteor Lake and Emerald Rapids in 2023 and Granite Rapids and Sierra Forest in 2024," said Gelsinger.