April 2 (Reuters) - Semiconductor company Intel ( INTC )

disclosed increasing operating losses for its foundry business

on Tuesday, according to a regulatory filing.

Intel ( INTC ) said the manufacturing unit had $7 billion in

operating losses for 2023, a steeper loss than the $5.2 billion

in operating losses the year before. The unit had revenue of

$18.9 billion for 2023, down 31% from $63.05 billion the year

before.

Intel ( INTC ) shares were down 2% after the documents were filed

with the U.S. Securities and Exchange Commission (SEC).

During a presentation for investors, Chief Executive Pat

Gelsinger said that 2024 would be the year of worst operating

losses for the company's chipmaking business and that it expects

to break even on an operating basis by about 2027.

Intel ( INTC ) plans to spend $100 billion on building or expanding

chip factories in four U.S. states. Its business turnaround plan

depends on persuading outside companies to use its manufacturing

services.

As part of that plan, Intel ( INTC ) told investors it would start

reporting the results of its manufacturing operations as a

standalone unit. The company has been investing heavily to catch

up to its primary chipmaking rival, Taiwan Semiconductor

Manufacturing Co. ( TSM )