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On January 21, 2022, from the South Court Auditorium on the White House campus in Washington, the tech company’s plans to build a $20 billion factory in Ohio were announced to Intel CEO Pat Gelsinger and the U.S. President. announced by Joe Biden (not pictured).
Jonathan Ernst | Reuters
intel report First quarter results Earnings per share fell a staggering 133% for the year on Wednesday. Revenues were down about 36% year-over-year to $11.7 billion.
Still, the loss per share and sales slightly beat Wall Street’s weak expectations. The stock fell about 3% in long-term trading after an initial rise in the report.
Here’s a comparison with Intel and Refinitiv’s consensus expectations:
- loss per share: Expected loss of 15 cents per share for an adjusted loss of $0.04 per share
- Earnings: $11.7 billion, adjusted, expected $11.04 billion
Intel’s estimates of about $12 billion in revenue and a loss of 4 cents per share this quarter fall short of analyst expectations of $11.75 billion in revenue and $0.01 earnings per share. was.
Intel posted a net loss of $2.8 billion, but a profit of $8.1 billion. last yearGAAP revenue decreased from $18.4 billion to $11.7 billion. The semiconductor giant’s sales have fallen for his fifth straight quarter, and it’s been a loss for two straight quarters.
This surpasses Intel’s reported loss of $687 million in the fourth quarter of 2017 and is also the largest quarterly loss in history.
Intel reports adjusted earnings and earnings excluding a range of items, including inventory restructuring, recent changes to employee stock options, and other acquisition-related costs.
As CEO Patrick Gelsinger enters his third year at the helm of the company that put “silicon” in “Silicon Valley,” investors are wondering if Intel has hit bottom. The stock is up more than 9% so far in 2023, but is down more than 35% from this time last year.
When Gelsinger took over, the turnaround plan was to open up Intel’s factories as foundries or factories that could make chips for other companies. Intel will be able to make chips as advanced as those made by his TSMC in Taiwan by 2026 so he can compete in custom work like Apple’s A-series his chips in the iPhone. I hope to become Intel said on Thursday it was still on track to meet its targets.
Meanwhile, the business that used to print money has struggled, especially PC chips, the company’s strongest product line. IDC estimates that his PC shipments worldwide fell by nearly 30% in the first quarter as the industry as a whole is in a slump.
Intel’s Client Computing Group, which includes the chips that power the majority of Windows PCs in desktops and laptops, reported revenue of $5.8 billion, down 38% on an annual basis.
Intel’s server chip division worsened under its data center and AI segments, dropping 39% to $3.7 billion.
The company’s smallest full-line business, Network and Edge, had sales of $1.5 billion, down 30% from the year-ago quarter.
One bright spot is Mobileye, which went public last year but is still controlled by Intel. Mobileye makes systems and software for self-driving cars. report Sales increased 16% to $458 million.
Intel also said recent cost-cutting efforts, including headcount reductions, are paying off, and it expects to save about $3 billion by 2023 and as much as $10 billion annually by 2025.