Intel Corporation (NASDAQ:INTC) reported its first-quarter financial results after Thursday's close, recording a whopping 133% year-over-year drop in earnings per share (EPS) to $0.04.
Its net loss of $2.8 billion is also the largest quarterly loss in company history, surpassing the $687 million deficit realized in the fourth quarter of 2017.
The semiconductor maker’s revenue also fell nearly 36% year-over-year to $11.7 billion.
The results, however, surpassed Refinitiv consensus expectations of a $0.15 per share loss on sales of $11.04 billion.
Intel’s Client Computing group, which includes the chips that power the majority of desktop and laptop Windows PCs, saw sales decline 38% to $5.8 billion, while the company’s server chip division, under its Data Center and AI segment, saw revenue slide 39% to $3.7 billion.
And, Intel’s guidance for the current quarter of a $0.04 per share loss fell short of analyst expectations of a $0.01 per share profit.
Intel has been struggling for the past five consecutive quarters with falling sales and two consecutive quarters of losses.
Shares of Intel have gained more than 9% so far in 2023, but are off over 35% since this time last year.
Contact Sean at sean@proactiveinvestors.com