Chipmaker Intel is set to release its earnings for the first fiscal quarter after the opening bell on Thursday, with analysts largely expecting the struggling chip giant to report a drop in revenue after facing declines in its PC sales as well as a dip in its data center business.
Wall Street analysts expect Intel to report revenue of $11.1 billion, down from the $18.4 billion reported in the first quarter of 2022. This would result in adjusted losses per share of $0.15, compared to adjusted earnings per share of $0.87.
PC sales are expected to have dropped to $4.9 billion from $9.3 billion in Q1 of 2022, while the company’s revenue stemming from its data center and AI business is expected to have declined to $3.5 billion from $6.0 billion during the same period in the previous year.
Intel shares have fallen by 36% over the past few years as the company continues to struggle to compete with the likes of Nvidia and AMD on the AI front. Since the start of the year, Intel’s stock is up by just 9%.