Intel Corporation has divested a portion of its equity stake in Arm Holdings.

Intel has divested its holding of 1.18 million shares in Arm, the British semiconductor firm.

According to a regulatory filing, this move has netted Intel approximately $146.7 million, calculated from Arm's average stock trading price between April and June, as reported by Reuters.

Arm, which made its debut on the Nasdaq Fund Network in September of last year, concluded its first trading session at $63.59, having launched its shares at $51. During its IPO, Arm was recognized as the fifth most actively traded stock globally.

This sale follows Intel's recent announcement regarding significant layoffs, part of a broader $10 billion cost-saving initiative, which has impacted over 15% of its workforce worldwide.

CEO Pat Gelsinger indicated that this decision was driven by insufficient revenue growth. He noted that Intel's revenue in 2020 was approximately $24 billion greater than the previous year, despite an increase of 10% in staff numbers.