According to the report, the company saw a 133% annual decline in its earnings per share for the quarter.
Intel Corporation (NASDAQ:INTC) mentioned Its largest quarterly loss is in its financial results for the first quarter of 2023. The company’s shares initially rose following the report, after which they fluctuated in extended trading sessions. In premarket trading, Intel rose 3.95% to $31.04 after closing down 2.79%. The semiconductor chip maker has posted gains and declines over the past year. It has fallen more than 31% in the past 12 months and is down 8.60% over the past month. The company’s stock has also fallen by 1.45% in the past five days.
On the other hand, Intel has seen an increase since the beginning of the year, up nearly 13%. It has also risen by 6.04% in the past three months.
Intel releases results for the first quarter of 2023
According to the report, the company saw a 133% annual decline in its earnings per share for the quarter. Intel indicated a first-quarter GAAP loss per share of $0.66 and a non-GAAP loss per share of $0.04. Meanwhile, analysts had expected a loss of 15 cents per share. In the first quarter, 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, reported a year earlier.
After the first quarter, Intel experienced losses for the second consecutive quarter and the largest loss in its history. It also marks the company’s fifth consecutive quarter of declining sales.
The company’s quarterly revenue also fell 36% year over year to $11.7 billion. It is worth noting that revenues in the first quarter of 2022 amounted to $18.4 billion. Despite the declines, the share’s loss was slightly better than Wall Street expected.
As for CEO Pat Gelsinger, Intel’s financial performance was strong in the first quarter. He said the quarterly results show the company’s steady progress in its transformation. Follow Gelsinger:
“We achieved key implementation milestones in our data center roadmap and demonstrated the validity of the process technology that underlies it. While we remain cautious about the macroeconomic outlook, we focus on what we can control as we deliver IDM 2.0: driving consistent implementation across the process and product roadmap and developing Our plumbing business is best positioned for us to take advantage of the trillion dollar market opportunity ahead.”
Chief Financial Officer David Zinsner stated that Intel beat first-quarter net profit expectations. He stated that the semiconductor chip manufacturer is committed to maintaining discipline in managing expenses. It plans to continue driving efficiencies and cost savings. He added that Intel is “prioritizing the investments needed to evolve our strategy and create an in-house foundry model, and it’s one of the most important steps we’re taking to deliver 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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Ibukun is a crypto/financial writer interested in passing on relevant information, using uncomplicated words to reach all types of audiences. Apart from writing, she loves watching movies, cooking, and exploring restaurants in the city of Lagos where she is staying.