Earnings per share for the three months ending September was 41 cents per share, outperforming analysts’ expectations of 22 cents per share. This comes despite revenue falling by 8% from $15.33 billion the previous year.

Sales of the processor giant’s Client Computing group fell by 3% to $7.9 billion while sales in its Data Center and AI division slumped by 10% to $3.8 billion. In contrast, Mobileye, the company’s unit for self-driving car parts, saw sales spike 18% upwards to $530 million.

CEO Pat Gelsinger revealed to reporters that Intel would look to cut costs by $3 billion this year, with operating expenses already down by 15% from the previous year.

The post Intel Stock Surges on Strong Earnings appeared first on theprimarymarket.com.

Revenue fell by 15% to $12.9 billion from $15.3 billion a year ago, marking the sixth consecutive quarter of declining PC sales. Intel’s data center and AI business fell 15% to $4 billion from $4.7 billion during the previous year, while its Client Computing group—the biggest business unit that concerns laptop and desktop shipments – saw a 12% slump in revenue from the previous year to $6.8 billion.

Despite the decline in revenue, Intel was able to record earnings per share of 13 cents, thereby beating a loss of 3 cents per share expected by industry analysts. The semiconductor producer has forecast earnings per share of 20 cents for the current quarter.

For the third quarter, Intel has projected an adjusted gross margin of 43%, higher than estimates of 40%. In 2024, the company expects to sell at least $1 billion worth of its AI chips.

Intel’s shares have risen by about 30% so far for the year to date.

The post Intel Shares Rise After Reporting Unexpected Profit appeared first on theprimarymarket.com.

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%.

The post Intel Expected to Report Sales Slump in Q1 Earnings Report appeared first on theprimarymarket.com.

Reportedly, the layoff plans will become official at some point this month, with the announcement set to coincide with the release of Q3 earnings results. Some of Intel’s divisions will see more reduction than others, with sales and marketing set to have its workforce trimmed up to 20%.

The demand for PCs has been moderate in recent months after the sales skyrocketed during the pandemic. This has particularly hurt Intel considering PC processors make up the majority of the company’s business. As a result, Intel was forced to lower its forecasts for the year and now expects $65 billion to $68 billion in revenue compared to previous estimates of $76 million.

The layoffs won’t be the only big step Intel is determined to make in attempts to deal with recent challenges. Intel CEO Pat Gelsinger recently sent out a letter to the staff in which he unveiled plans to “create greater decision-making separation” between design and manufacturing teams. However, analysts are unsure whether these decisions will be enough to start changing the company’s fortunes.

Intel stock went up around 1% after the Bloomberg report went live and closed at $25.33 per share on Wednesday. The company’s shares are still 52.40 down year to date.

The post Intel Corp. Planning Significant Layoffs Amid Low PC Sales appeared first on theprimarymarket.com.

Intel Corp shares suffered a 10% hit in extended trading following the news, dipping to $35.34 per share compared to the $40.18 close on Thursday. The Intel stock was already 25% down year-to-date.

According to Intel’s Q2 report, the company recorded revenue of $15.32 billion versus the $17.92 billion expected. It had adjusted earnings per share of 29 cents while the estimate was 70 cents per share.

Correspondingly, Intel now sees its 2022 revenue reaching between $65 billion and $68 billion, which is a significant adjustment compared to the previously predicted $76 billion. The expected adjusted profit is now $2.30 per share, more than one-third down from the $3.60 per share the company previously forecast.

Many experts believe Intel’s troubles are the result of a pandemic slowdown that caused people to move away from their PCs. A similar sentiment was echoed in Intel Chief Executive Pat Gelsinger’s recent chat with Reuters, who also added that the company didn’t react well to this shift.

“The economic shift was harsher and drove not only consumption changes in the marketplace, but also dramatic moves in the inventory position of key customers,” Gelsinger explained. “Those effects caused a very sharp shift in the business, and we didn’t execute particularly well.”

The post Intel Corp Stock Tumbles 10% After Company Misses Badly on Estimates appeared first on theprimarymarket.com.

Earnings per share for the three months ending September was 41 cents per share, outperforming analysts’ expectations of 22 cents per share. This comes despite revenue falling by 8% from $15.33 billion the previous year.

Sales of the processor giant’s Client Computing group fell by 3% to $7.9 billion while sales in its Data Center and AI division slumped by 10% to $3.8 billion. In contrast, Mobileye, the company’s unit for self-driving car parts, saw sales spike 18% upwards to $530 million.

CEO Pat Gelsinger revealed to reporters that Intel would look to cut costs by $3 billion this year, with operating expenses already down by 15% from the previous year.

The post Intel Stock Surges on Strong Earnings appeared first on theprimarymarket.com.

Revenue fell by 15% to $12.9 billion from $15.3 billion a year ago, marking the sixth consecutive quarter of declining PC sales. Intel’s data center and AI business fell 15% to $4 billion from $4.7 billion during the previous year, while its Client Computing group—the biggest business unit that concerns laptop and desktop shipments – saw a 12% slump in revenue from the previous year to $6.8 billion.

Despite the decline in revenue, Intel was able to record earnings per share of 13 cents, thereby beating a loss of 3 cents per share expected by industry analysts. The semiconductor producer has forecast earnings per share of 20 cents for the current quarter.

For the third quarter, Intel has projected an adjusted gross margin of 43%, higher than estimates of 40%. In 2024, the company expects to sell at least $1 billion worth of its AI chips.

Intel’s shares have risen by about 30% so far for the year to date.

The post Intel Shares Rise After Reporting Unexpected Profit appeared first on theprimarymarket.com.

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%.

The post Intel Expected to Report Sales Slump in Q1 Earnings Report appeared first on theprimarymarket.com.

Reportedly, the layoff plans will become official at some point this month, with the announcement set to coincide with the release of Q3 earnings results. Some of Intel’s divisions will see more reduction than others, with sales and marketing set to have its workforce trimmed up to 20%.

The demand for PCs has been moderate in recent months after the sales skyrocketed during the pandemic. This has particularly hurt Intel considering PC processors make up the majority of the company’s business. As a result, Intel was forced to lower its forecasts for the year and now expects $65 billion to $68 billion in revenue compared to previous estimates of $76 million.

The layoffs won’t be the only big step Intel is determined to make in attempts to deal with recent challenges. Intel CEO Pat Gelsinger recently sent out a letter to the staff in which he unveiled plans to “create greater decision-making separation” between design and manufacturing teams. However, analysts are unsure whether these decisions will be enough to start changing the company’s fortunes.

Intel stock went up around 1% after the Bloomberg report went live and closed at $25.33 per share on Wednesday. The company’s shares are still 52.40 down year to date.

The post Intel Corp. Planning Significant Layoffs Amid Low PC Sales appeared first on theprimarymarket.com.

Intel Corp shares suffered a 10% hit in extended trading following the news, dipping to $35.34 per share compared to the $40.18 close on Thursday. The Intel stock was already 25% down year-to-date.

According to Intel’s Q2 report, the company recorded revenue of $15.32 billion versus the $17.92 billion expected. It had adjusted earnings per share of 29 cents while the estimate was 70 cents per share.

Correspondingly, Intel now sees its 2022 revenue reaching between $65 billion and $68 billion, which is a significant adjustment compared to the previously predicted $76 billion. The expected adjusted profit is now $2.30 per share, more than one-third down from the $3.60 per share the company previously forecast.

Many experts believe Intel’s troubles are the result of a pandemic slowdown that caused people to move away from their PCs. A similar sentiment was echoed in Intel Chief Executive Pat Gelsinger’s recent chat with Reuters, who also added that the company didn’t react well to this shift.

“The economic shift was harsher and drove not only consumption changes in the marketplace, but also dramatic moves in the inventory position of key customers,” Gelsinger explained. “Those effects caused a very sharp shift in the business, and we didn’t execute particularly well.”

The post Intel Corp Stock Tumbles 10% After Company Misses Badly on Estimates appeared first on theprimarymarket.com.