Kicking off our coverage of the first earnings season of the year for the tech industry, we as always start with Intel. The blue-hued blue-chip is the first out of the gate to report their results for the first quarter of 2023, with Intel picking up the pieces after a rough end to 2023, and a rather painful start to 2023. With revenue down on a yearly basis almost across the entire board thanks to a major, industry wide slump in client and server sales, Intel’s focus has been on battening down the hatches to weather this rough period, while preparing for an eventual (if modest) upturn in the market later this year.
For the first quarter of 2023, Intel booked $11.7B in revenue, a precipitous 36% drop from the year-ago quarter. As was the case in Q4, Intel is in the midst of a major industry slump, which has hit revenues hard and operating/net incomes even harder. Intel closed the quarter in the red on an operating income basis, losing $1.5B, and the company’s overall net loss was a staggering $2.8B on a GAAP basis.
