As per the report, the company experienced a 133% annual decrease in earnings per share for the quarter.
Intel Corporation (NASDAQ: INTC) informed of It has its biggest quarterly loss in its Q1 2023 financial results. Shares of the company initially rose on the report, after which it fluctuated in extended trading sessions. In premarket trading, Intel is up 3.95% to $31.04 after closing 2.79%. The semiconductor chip maker has posted both gains and losses in the past year. It has lost more than 31% in the last twelve months and is down 8.60% over the last month. The company’s stock has also declined by 1.45% in the last five days.
Intel, on the other hand, has been on the rise since the start of the year, advancing nearly 13%. It also popped 6.04% in the last three months.
Intel released the results of the first quarter of 2023
As per the report, the company experienced a 133% annual decrease in earnings per share for the quarter. Intel noted that Q1 GAAP loss per share was $0.66, and non-GAAP loss per share was $0.04. Meanwhile, analysts had predicted a loss of 15 cents per share. In Q1, Intel fell to a net loss of $2.8 billion, or 66 cents, from a net profit of $8.1 billion, or $1.98 per share, recorded in the previous year.
After Q1, Intel posted its second straight quarter of losses and the biggest loss in its history. Also, this is the fifth consecutive quarter of low sales for the company.
The company’s quarterly revenue also declined 36% YoY to $11.7 billion. Specifically, the revenue for the first quarter of 2022 was $18.4 billion. Despite the decline, the loss per share was slightly better than Wall Street forecasts.
As far as CEO Pat Gelsinger is concerned, Intel’s had a solid first quarter financial performance. He added that the quarterly results reflect the company’s steady progress with change. Gelsinger continued:
“We achieved key performance milestones in our data center roadmap and demonstrated the health of the process technology underpinning it. While we remain cautious on the macroeconomic outlook, we are focused on what we can control while delivering on IDM 2.0: continued execution across process and product roadmaps and growing our foundry business so that we can continue to Seize the opportunity of a $1 trillion market. ,
Chief Financial Officer David Zinsner said Intel exceeded expectations on the top and bottom lines in the first quarter. He mentioned that the semiconductor chip maker is committed to remain disciplined on expense management. It plans to continue driving efficiencies and cost savings. He added that Intel is “prioritizing the investment needed to advance our strategy and establish an internal Foundry model, which is one of the most important steps to deliver on IDM 2.0”.
In its forecast for the current quarter, Intel expects revenue to fall between $11.5 billion and $12.5 billion.
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