Intel KO on Wall Street after the publication of the accounts for the fourth quarter of 2022 and a rather depressing outlook for the first quarter of 2023.
The US chip giant announced it finished the last three months of last year with adjusted EPS of 10 cents, half the 20 cents expected by analysts polled by Refinitiv.
Intel revenue came in at $14.04 billion, down an estimated $14.45 billion, down 32% year over year.
For Intel, this is the fourth consecutive quarter of decline in revenue, in a context in which the PC market has continued to retreat after the boom marked during the darkest period of the Covid pandemic, when lockdowns and stay-at-home restriction measures have led consumers to hoard personal computers, and Intel has seen a strong demand for the chips to produce them as a result.
The semiconductor giant reported a net loss of $664 million in the fourth quarter of 2022, compared with earnings of $4.62 billion in the same period of 2021.
The recovery seems, among other things, far away. For the first quarter of 2023, Intel said it expects a net loss per share of 15 cents on revenue between $10.5 billion and $11.5 billion. Analysts polled by Refinit expect earnings per share of 24 cents and revenue of $13.93 billion. Intel stock tumbled nearly 10% in afterhours trading on Wall Street, sinking to $27.16.