Intel (NASDAQ: INTC) had its big coming-out party on Tuesday, but the chip stock didn't get the reception it expected.

The company recast its financials to reflect that it sees its foundry as much more central to its business. However, investors were disappointed by the actual numbers, and share prices fell 8% on the news. Intel's restated financials showed that its foundry division had a $7 billion operating loss in 2023, which followed losses of $5.2 billion in 2022 and $5.1 billion in 2021. Nonetheless, management issued a bold set of goals and a vision for the foundry business and the company overall.

Intel share prices are now down more than 20% from their 52-week peak in December and trade at their lowest point in four months. In addition to the sell-off after restating its financials, the stock also declined sharply on its fourth-quarter earnings report in January as investors were disappointed by management's guidance.

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Source Fool.com