Intel has sold its $1.18 million stake in British semiconductor company Arm.
Intel reportedly raised an estimated $146.7 million from the sale, based on Arm's average share price between April and June, according to Reuters calculations.
Arm debuted on the Nasdaq Fund Network in September of last year and ended its first day of trading at $63.59 after an IPO price of $51. During its debut, it was the fifth most traded stock in the world.
Intel's decision to sell its stake in Arm comes after it announced a wave of layoffs earlier this month as part of a $10 billion cost-cutting plan that will affect more than 15% of its global workforce.
CEO Pat Gelsinger said the decision was made due to insufficient revenue growth, adding that “Intel's 2020 annual revenue was $24 billion higher than last year,” despite a 10% increase in employees.