The hits keep on coming for Intel, with the latest earnings report delivering the worst quarterly loss in company history.
Intel reported $11.7 billion in revenue in its first quarter, a 36% decline year-over-year. Losses per share came in at $0.04 adjusted, a 133% annual decline and the worst quarterly performance in the company’s history, according to CNBC. Despite the historic pounding, the results were actually slightly better than analysts expected.
“We delivered solid first-quarter results, representing steady progress with our transformation,” said Pat Gelsinger, Intel CEO. “We hit key execution milestones in our data center roadmap and demonstrated the health of the process technology underpinning it. While we remain cautious on the macroeconomic outlook, we are focused on what we can control as we deliver on IDM 2.0: driving consistent execution across process and product roadmaps and advancing our foundry business to best position us to capitalize on the $1 trillion market opportunity ahead.”
“We exceeded our first-quarter expectations on the top and bottom line, and continued to be disciplined on expense management as part of our commitment to drive efficiencies and cost savings,” David Zinsner, Intel CFO. “At the same time, we are prioritizing the investments needed to advance our strategy and establish an internal foundry model, one of the most consequential steps we are taking to deliver on IDM 2.0.”
Moving forward, CNBC reports that Intel expects to lose $0.04 per share in the second quarter as well, on revenue of $12 billion. Analysts were expecting earnings of $0.01 per share on revenue of $11.75.
Intel has been trying to recapture its spot as the world’s top semiconductor maker, bringing Gelsinger in as CEO to accomplish the job. Once the undisputed king of the industry, Intel has faced growing challenges from TSMC and AMD and has struggled to remain competitive with its rivals’ technical accomplishments.
While Gelsinger has helped Intel make significant progress, the company still has a long way to go.