Intel continues to melt down financially. Largest chip maker to report first-quarter results for 2023, annualized in earnings per share 133 percent reported such a decline. Intel revenue On the other hand, it decreased by 36 percent compared to the previous year and fell to 11.7 billion dollars.
Intel revenue down 36 percent, shares crash
The new report, sent to investors by the hardware giant, revealed the company’s first quarter results. Company revenue, which decreased by 36 percent compared to the same period of 2022, remained at the level of 11.7 billion dollars. But the results were better than investors expected.
There are multiple reasons why Intel suffered a huge loss. First, the company’s strongest product line, computer chip sales not at the desired level. An earlier report showed that global computer shipments had shrunk by nearly 30 percent.
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In addition, the Client Computing group, which includes the chips that power desktop and laptop computers, experienced a 38 percent year-on-year decline. $5.8 billion generated income. Data Center and AI-focused server chip division fell 39 percent. 3.7 billion dollars won.
Intel wants to save $10 billion a year by 2025 by cutting costs, including layoffs. The company, which posted a profit of $8.1 billion last year, currently has a net loss of $2.8 billion.
Intel CEO Patrick Gelsinger He said they want to compete mainly with TSMC. It wants to offer chips “as advanced as those produced by TSMC” by 2026. The company will also compete with custom processors such as the iPhone A series.
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