The clouds did not make it rain for Intel this past quarter. Well, not enough, as the spectre of recession looms
Intel stock fell by as much as 11 percent in extended trading today after the chip maker reported disappointing second-quarter 2022 financial results.revenue of $15.3 billion, down 22 percent on this time last year, for the three months to July 2. Analysts had expected something more along the lines of $17.92 billion. As for profits, there weren't any: Intel recorded a $454 million net loss for the quarter. This time in 2021, Intel was celebrating a $5 billion profit.
CEO Pat Gelsinger issued a contrite statement."This quarter’s results were below the standards we have set for the company and our shareholders," he said,"We must and will do better." The big chief attributed the shortfall to the current economic climate but also to the company's own"execution issues."
CFO David Zinsner likewise said Intel intends to do better."We are taking necessary actions to manage through the current environment, including accelerating the deployment of our smart capital strategy, while reiterating our prior full-year adjusted free cash flow guidance and returning gross margins to our target range by the fourth quarter," he said.
Second-quarter non-GAAP earnings per share was set at $0.29 by the chip biz, missing analyst expectations by roughly 40 cents. The poor showing prompted Intel to lower its full-year sales guidance to $65-68 billion, down from $73-79 billion. Non-GAAP earnings per share guidance for the year is now $2.30, down $1.30 or 57 percent from predictions.: $7.7 billion, -25 percent : $2.
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