Intel announces largest quarterly loss in its history in the first quarter

Intel, one of the world’s largest microchip makers, reported its highest quarterly loss in company history at $2.8 billion in the January-March period.

Intel announced its balance sheet for the first quarter of 2023.

Consequently, the company’s revenue in the first quarter of the year decreased by 36 percent compared to the same period of the previous year and was reduced to 11.7 billion dollars. Intel generated $18.4 billion in revenue in the January-March period of last year.

Intel posted a net loss of $2.8 billion in the first quarter of the year. Intel had a net profit of $8.1 billion in the same period last year.

The microchip maker, which posted its biggest quarterly loss ever, also estimated a loss per share of $0.66 during this period. The company reported a profit of $1.98 per share in the first quarter of last year.

“IDM 2.0” STRATEGY

Intel’s chief executive officer (CEO), Pat Gelsinger, said they remain cautious with the macroeconomic outlook and recalled that they are focusing on the “IDM 2.0” strategy that will better position the company to tap into the $1 trillion market. opportunity in front of them.

The company’s chief financial officer (CEO), David Zinsner, also noted that they remain disciplined in managing expenses as part of their commitment to increasing efficiency and cost savings.

Zinsner affirmed that they prioritize the necessary investments to advance in the “IDM 2.0” strategy.

In 2021, Intel announced its “IDM 2.0” strategy in line with its product leadership, innovation and production goals and announced its investments in this context. (AA)