PC sales hit hard: Intel suffers biggest ever quarterly loss
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Update time : 2023-05-02 11:08:27
The chip giant suffered its biggest ever quarterly loss in the first quarter and is expected to continue to lose money in the second quarter as a steep decline in PC sales hit Intel's business hard and recovery has been slow. Intel's first-quarter revenue fell 36 percent to $11.7 billion, a low level not seen since 2010, but better than the $11.04 billion average analyst estimate, according to the results.
PCs account for a large portion of Intel's revenue. Data released by leading research firm IDC showed that PC shipments fell 29 percent year-on-year in the first quarter, continuing a downward trend that began early last year. Intel's PC chip division revenue fell 38% to $5.8 billion in the first quarter. However, Intel CFO David Zinsner (David Zinsner) said that once PC manufacturers clear their excess chip inventory and start placing new orders, the market will return to the right track later this year. The decline in revenue led Intel to post a net loss of $2.76 billion in the first quarter, the second consecutive quarter the company has suffered a loss, surpassing the record loss of $687 million set in the first quarter of 2017. Intel said the company would continue to lose money in the second quarter. Intel expects second-quarter revenue to be between $115 billion and $125 billion, which is still well below the same period a year ago but slightly better than analysts' estimates at the midpoint, pushing shares up more than 6 percent in after-hours trading.
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