Intel trims 2025 operating expenses outlook after Altera deconsolidation

Investing.com -- Intel revealed in a filing on Monday that it has lowered its full-year 2025 adjusted operating expense target following the sale of a majority stake in Altera to private equity firm Silver Lake.

The company now expects non-GAAP operating expenses of $16.8 billion this year, compared with a previous forecast of $17 billion.

The change reflects the deconsolidation of Altera, which ceased to be fully included in Intel’s results after the deal closed on Sept. 12.

Intel said Silver Lake acquired a 51% equity interest in Altera for an equity value of about $3.3 billion, with Intel retaining 49%.

Altera contributed $816 million in revenue in the first half of 2025, with a gross margin of 55% and operating expenses of $356 million.

Intel said its consolidated financials for the third quarter will include Altera’s results through Sept. 11, before shifting to minority-interest accounting.

The company also reaffirmed its 2026 non-GAAP expense target of $16 billion. On a GAAP basis, Intel expects 2025 operating expenses of about $21.9 billion, with adjustments for share-based compensation, restructuring charges and other items narrowing the figure to its non-GAAP projection.

The Altera transaction marks Intel’s latest effort to streamline operations.

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