Intel sold its 1.18 million share stake in UK-based chip design company Arm as part of a $10 billion cost savings and restructuring plan, Bloomberg reported, citing a regulatory filing.

The sale was disclosed in a US Securities and Exchange Commission filing: Bloomberg estimates Intel raised around $147 million.

In its Q2 earnings report, Intel announced a $10 billion cost-reduction plan for 2025 as well as layoffs of more than 15,000 employees. It will also eliminate its Q4 dividend and reduce capital expenditures.

Intel CEO Pat Gelsinger said its financial performance in Q2 was “disappointing”.

The company had cash and cash equivalents of $11.2 billion, and liabilities of $32 billion.

Despite shedding its Arm shares, it reported a loss of $120 million on its equity investments.

The chip maker is struggling to match the pace of rivals Qualcomm and AMD in deploying AI-focused chips.

Intel is due to receive up to $8.5 billion in US government funding from the CHIPS and Science Act.