Intel Reports Q1 Loss Despite Revenue Boost From PC Recovery -- WSJ

Dow Jones04-26

By Asa Fitch

Intel reported a quarterly loss amid a multi-year turnaround effort, even as revenue climbed 9% due to a recovery in the personal-computer market.

The chip-maker said it lost $381 million in the first quarter, narrowing the $2.76 billion of losses it reported in the same period last year. Revenue rose, driven by the division that houses Intels personal-computer chips, where sales grew 31% to $7.5 billion.

The revenue was slightly below what analysts expected, while the quarterly loss was narrower than expected, according to FactSet data. Intel also gave an outlook of around $13 billion of revenue for its current quarter, below what analysts expected.

The companys shares fell about 7% in after-hours trading. They rose 1.7% in the regular session.

Intels losses come in the middle of a turnaround bid under Chief Executive Pat Gelsinger, who has opened the companys factories to outside chip designers and is aiming to retake the lead in making the best-performing chips with the smallest transistors possible.

Earlier this month, the company disclosed separate financial results for its chip manufacturing operations as part of a drive to rein in costs and organize itself more like a contract chip-maker. They revealed about $7 billion in operating losses for the manufacturing division last year, sending its stock price lower. Intel shares are down 30% for the year.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 25, 2024 16:20 ET (20:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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