Global Shares
Intel Records Terrible Earnings Report In 4th Quarter
By Team INTRADAY Published On Jan 27, 2023 3:31 PM
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Intel reported its worst-ever fourth-quarter earnings that were weaker than expected, sending shares sharply lower on Thursday.
Per the released report, Intel's revenue declined 32% year-over-year in the quarter ended December 31.
This marks the fourth consecutive quarter of decline in sales as the personal computer market slumps from a demand explosion when Covid-19 hit.
The company posted revenue of $14.04 billion, compared to $14.45 billion as expected by analysts.
Meanwhile, a net loss was recorded at $664 million, compared to a profit of $4.62 billion in the previous quarter.
Chief Executive Officer Pat Gelsinger outlined several key factors behind this decline, namely weak demand for its current products and inefficient internal performance.
He also stressed about the uncertain situation in the company's finances.
Following the report, Intel shares fell sharply by 9% in after-hours trading on Thursday.
In addition, shares of other microchip companies also saw falls with AMD down 2.6% and Nvidia Corp down 2%.
