Intel CEO Pat Gelsinger pictured during the ‘Chips for health’ event at the Grischa Hotel at the World Economic Forum in Davos, Switzerland, on May 24, 2022.Eric Lalmand | Belga Mag | AFP | Getty ImagesIntel cut its quarterly dividend by more than 65%, from 36.5 cents to 12.5 cents, the chipmaker announced Wednesday, weeks after the company implemented a wide-ranging set of cost cuts.Intel CEO Pat Gelsinger said on a call with analysts that the company’s board was cautious in weighing the first dividend cut since 2000. He added Intel intended to resume growing the dividend “over time.””The board and I continue to view the dividend as a critical component to the overall attractiveness of Intel,” he added.Intel shares were largely flat at Wednesday’s open after the news.Gelsinger insisted on the call that both he and the board remained committed to maintaining a competitive yield. Intel’s dividend yield is now 1.9%, based on Tuesday’s closing price, down significantly from its prior yield of 5.6%.The dividend will be payable on June 1. “Prudent allocation of our owners’ capital is important to enable our IDM 2.0 strategy and sustain our momentum as we rebuild our execution engine,” Gelsinger said in a press release.The company also reaffirmed its recently issued outlook for the first quarter of 2023. Intel guided to a 15 cent non-GAAP loss per share but didn’t prov …
