Intel reports highest quarterly loss in company history in Q1

  

    Intel, one of the world's largest microchip manufacturers, announced its highest quarterly loss in company history for the period between January and March, with a loss of $2.8 billion. According to the company's Q1 financial results, revenue for the quarter decreased by 36% compared to the same period last year, dropping to $11.7 billion. In the first quarter of 2022, Intel had generated revenue of $18.4 billion.

    Intel also reported a net loss of $2.8 billion in Q1, compared to a net profit of $8.1 billion in the same period last year. The company's loss per share for this quarter was calculated at $0.66, whereas it had reported earnings per share of $1.98 in Q1 of 2022.

    Intel CEO Pat Gelsinger stated that the company continues to be cautious about the macroeconomic outlook and is focused on positioning itself well to take advantage of the $1 trillion market opportunity with its "IDM 2.0" strategy.

    David Zinsner, Intel's Chief Financial Officer, noted that the company remains disciplined in managing expenses as part of its commitment to improving efficiency and cost savings. He also stated that they prioritize investments necessary to advance the "IDM 2.0" strategy.

    In 2021, Intel had announced its "IDM 2.0" strategy in line with its production, innovation, and product leadership goals, and had also disclosed its investments in this regard.