Intel Holds Off On Stock Buybacks Amid Global COVID-19 Outbreak
Intel Corp. (NASDAQ: INTC) announced that it is suspending stock repurchases due to the Covid-19 outbreak.
The company added that the suspension, “while conservative, is prudent given uncertainty regarding the length and severity of the pandemic”, reported Bloomberg.
This comes as the Santa Clara, California-based company revealed earlier on in the week that it will source and donate more than one million items of personal protective equipment – masks, gloves and other gear – to healthcare workers.
According to reports, the suspension of stock repurchases will not impact dividend payments, and Intel can reinstate repurchases as circumstances warrant, according to a filing to the U.S. Securities and Exchange Commission.
Elsewhere, the Intel Foundation said it will be providing $4 million to support coronavirus relief efforts in communities where the company has “significant presence”.
The company said it will also offer a special match opportunity for every regular full-time and part-time employee and U.S. retiree to a total of $2 million for relief efforts around major Intel sites.
Intel is applying technology and expertise to help better understand and combat the virus. The company’s NUCs are helping in the coronavirus fight, and Intel and Lenovo have teamed up with Beijing-based BGI Genomics to accelerate the analysis of genomic characteristics of COVID-19, according to the company.
Last month, the company introduced a series of new higher-performance chips to improve data centre performance and support the evolving market at the edge, including new chips to help power 5G base stations.
The new data centre entrants have been added to the Intel Xeon Scalable platform range and target the majority of Intel’s Xeon Scalable customers across cloud, network and edge markets.