Intel Corporation reports staggering decline in Q1 2023 earnings and revenue

Intel Corporation released its financial results for the first quarter of 2023, which showed a staggering 133% year-on-year decline in earnings per share. On an annualized basis, revenue fell nearly 36% to $11.7 billion from $18.4 billion in 2022.

In the second quarter, Intel expects a loss of 4 cents per share on revenue of $12 billion. According to Refinitiv, this forecast falls short of analysts’ expectations, which had expected earnings of 1 cent per share on revenue of $11.75 billion.

In the first quarter, Intel posted a net loss of $2.8 billion, or 66 cents per share, compared with a net income of $8.1 billion, or $1.98 per share, last year.

This is the 5th quarterly sales decline for the semiconductor giant and the second consecutive quarter of losses. It’s also Intel’s biggest quarterly loss of all time, beating the fourth quarter of 2017, when Intel lost $687 million.