Intel reported first-quarter results on Thursday that showed a staggering 133% annual reduction in earnings per share. Revenue dropped nearly 36% year over year to $11.7 billion.
For the second quarter, Intel expects to lose 4 cents per share on revenue of $12 billion. That forecast is shy of analyst expectations for earnings of 1 cent per share on $11.75 billion in sales, according to Refinitiv.
In the first quarter, Intel swung to a net loss of $2.8 billion, or 66 cents per share, from a net profit of $8.1 billion, or $1.98 per share, last year.
It’s the fifth consecutive quarter of falling sales for the semiconductor giant and the second consecutive quarter of losses. It’s also Intel’s largest quarterly loss of all time, beating out the fourth quarter of 2017, when it lost $687 million.
Intel’s Client Computing group, which includes the chips that power the majority of desktop and laptop Windows PCs, reported $5.8 billion in revenue, down 38% on an annual basis.
Intel’s server chip division, under its Data Center and AI segment suffered an even worse decline, falling 39% to $3.7 billion.
MacDailyNews Take: Here’s an idea for Intel. Something at which they’d excel: Hotplates.
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