March 24, 2020 / 12:59 PM / 11 days ago

Intel suspends share buybacks, warns of likely coronavirus hit

FILE PHOTO: U.S. chipmaker Intel Corp's logo is seen on their "smart building" in Petah Tikva, near Tel Aviv, Israel December 15, 2019. REUTERS/Amir Cohen/File Photo

(Reuters) - Chipmaker Intel Corp said on Tuesday it would suspend its share buybacks and warned that the coronavirus pandemic could have a material impact on its business, even as its factories remain operational.

The suspension of buybacks would not impact dividend payments, Intel said in a filing.

Intel in October 2019 said it would repurchase $20 billion worth of shares over the next 15 to 18 months. The company bought back about $7.6 billion in shares in the fourth and the first quarter.

Intel’s decision follows measures by big companies including AT&T Inc and Boeing Co, which last week announced similar plans, citing coronavirus concerns.

Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi

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