Intel suspends share buybacks, warns of likely coronavirus hit
Reuters
Published Mar 24, 2020 08:51AM ET
Updated Mar 24, 2020 01:50PM ET
(Reuters) - Chipmaker Intel Corp (NASDAQ:INTC) said on Tuesday it would suspend its share buybacks and warned that the coronavirus pandemic could have a material impact on its business, even as its factories remain operational.
The suspension of buybacks would not impact dividend payments, Intel said in a filing.
Intel in October 2019 said it would repurchase $20 billion worth of shares over the next 15 to 18 months. The company bought back about $7.6 billion in shares in the fourth and the first quarter.
Intel's decision follows measures by big companies including AT&T Inc and Boeing (NYSE:BA) Co, which last week announced similar plans, citing coronavirus concerns.
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Written By: Reuters
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