Intel Crashed Nearly 10% in Morning Trading As It Reported a Surprise Quarterly Loss and Cut Its Full-Year Outlook
Tiger Newspress2022-07-29
Intel crashed nearly 10% in morning trading.
Intel reported a second-quarter loss of $454 million, or 11 cents a share, versus net income of $5.06 billion, or $1.24 a share, in the year-ago period. After adjusting for acquisition-related expenses and other items, Intel reported earnings of 29 cents a share, compared with $1.36 a share from a year ago.
Revenue declined to $15.32 billion from $19.63 billion in the year-ago quarter, for an eighth straight quarter of year-over-year declines. Excluding the company's divested memory business, the company reported revenue of $18.5 billion in the year-ago period. Gross margins dropped to 44.8% from 59.8% in the year-ago period.
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