Intel reported a 36% decline in revenue for Q1 2023, translating to its worst-ever quarterly loss of $2.8B.
However, the results still beat analysts' revenue estimates for the
quarter. Intel expects the market to stabilize later this year as PC
makers exhaust their inventories and ramp up orders.
- Intel
on Thursday posted revenue of $11.7B for Q1, a 36% decline from the
year-ago period, and its fifth straight quarter of falling sales.
- The slump was attributed to declining PC sales, with shipments down 29% YoY, according to IDC.
- Intel's PC chip division experienced a 38% drop in revenue.
- CEO Pat Gelsinger said the results were still "solid" and showed "steady progress" in Intel's ongoing turnaround campaign as it works to recapture market share from AMD and others.
- In March 2021, Intel announced IDM 2.0, its strategy to transform its manufacturing operations and expand its internal network of chip fabs.
