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

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

Accordingly, the revenue of the company in the first quarter of the year decreased by 36 percent compared to the same period of the previous year and decreased 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 manufacturer, which reported its highest quarterly loss ever, also calculated 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.

Intel Chief Executive Officer (CEO), Pat Gelsinger, stated that they continue to be cautious about the macroeconomic outlook and reminded that they are focusing on the “IDM 2.0” strategy that will best position the company to take advantage of the 1 trillion dollar market opportunity in front of them.

The company’s Chief Financial Officer (CEO), David Zinsner, also noted that they remain disciplined in expense management as part of their commitment to increase efficiency and cost savings.

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

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

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