Intel lower its quarterly dividend by greater than 65%, from 36.5 cents to 12.5 cents, the chipmaker introduced Wednesday, weeks after the corporate carried out a wide-ranging set of price cuts.

Intel shares had been largely flat in pre-market buying and selling Wednesday after the information.

The dividend will probably be payable on June 1. “Prudent allocation of our homeowners’ capital is essential to allow our IDM 2.0 technique and maintain our momentum as we rebuild our execution engine,” CEO Pat Gelsinger mentioned in a press launch saying the lower.

The corporate additionally reaffirmed its lately issued steerage for the primary quarter of 2023. Intel guided to a 15 cent non-GAAP loss per share however did not problem full-year steerage, citing financial uncertainty.

Intel’s most up-to-date outcomes, a high and backside line miss and a $664 million web loss for the fourth quarter of 2022, despatched its share value sharply down.

Intel’s inventory is down practically 60% from its 2021 excessive, a mirrored image of each a difficult PC market and of company-specific points, together with a surplus of chips and underutilized factories.

The corporate mentioned it aimed to ship $3 billion in price financial savings this yr, partly by compensation cuts. Intel’s fourth-quarter loss was the chipmaker’s largest since 2017.

“No phrases can painting or clarify the historic collapse of Intel,” Rosenblatt analyst Hans Mosesmann wrote after the earnings report.

— CNBC’s Michael Bloom, Jordan Novet and Kif Leswing contributed to this report.