intel he scored record losses in the first quarter of 2023which is probably the worst in the company’s historyas had also been predicted by several analysts.
In the quarter ended March 31, 2023, Intel reported non-GAAP revenues of $11.7 billion, even exceeding analysts’ expectations. Within this quarter, the largest growth was recorded by Mobileye, while the Data Center and AI divisions remained stable in decline.
On the operating revenue front, Intel posted a loss of $1.4 million, compared with a gain of $4.3 million in the same period a year earlier.
The GAAP losses totaled $2.8 million for the first quarter of 2023 and this represents the worst figure recorded by Intel: from 1993 to today, the company had never recorded such a negative result, with the previous record having been established in 2017 with the loss of 687 million dollars.
The stock market, predictably, reacted rather negatively with a loss of about 2% in the value of the shares during a few hours: on the one hand, Intel exceeded expectations, which were even more negative than the results that emerged, on the other obviously the data is worrying for the company.
The biggest problem, as far as the PC division is concerned, is the high level of stocks, with large availability of parts in the warehouse, which far exceed the demand on the market. In Q1 2023, hardware deployments were down 29% year-over-year, further complicating the situation.
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