Intel, Pinched by Losses, Sells Stake in Chip Designer Arm (1)

Intel Corp., which is slashing jobs and expenses in a bid to turn around the business, sold its holdings in chip technology creator Arm Holdings Plc during the second quarter.

The company reported in a regulatory filingTuesday that it no longer owns the 1.18 million shares it held three months earlier. Based on the average price of Arm’s stock during that period — $124.34 — the sale would have raised about $147 million for Intel.

Intel is struggling to regain its footing in an industry it once dominated. Earlier this month, the company delivered one of the worst ...