Intel reported its quarter earnings on Thursday. There was a slight increase in stock value as the chip maker posted better results when compared with the revenue forecasts made by analysts. However, its overall revenue fell by 36 percent due to a slump in both PC and datacenter sales as both consumers and businesses spent less this quarter.
According to data from Bloomberg the following comparable results have been collated:
Revenue was a little higher at $11.7 while analysts expected $11.1 billion and the adjusted loss per share was very different to what analysts’ expectations. They had predicted a 15 cents loss but the reported loss was much lower at 4 cents.
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Although both client computing and datacenter and AI also produced slightly higher revenues with $5.8 billion versus expected $4.9 billion and $3.7 billion versus expected $3.5 billion, the quarter reported a historic loss for the giant chip maker.
Intel CEO Pat Gelsinger has called the results solid as he is spearheading a massive turnaround for the chip maker who dominated the PC market for decades. He has been putting in efforts to regain some of the market share that it lost to AMD.
Intel has also suffered as it did not take enough care to ride the AI wave as competitor Nvidia has captured a large share of the market as it booms. New players are also entering as there is a growing need for these chips to power AI chatbots and more.
Intel has seen a fall of 36 percent in share price in the past 12 months while the stock of AMD has remained flat. Meanwhile Nvidia has seen a 43 percent rise in stock price. It has become the major provider of AI chips.
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Under Gelsinger, Intel has opened a new fabrication facility in Ohio. Before announcing its earnings late Thursday, the giant chip maker announced a collaboration with chip designer Arm that is expected to boost Intel’s revenues. However, the PC market is on a decline and the slump is expected to remain in the following months.
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