Poor sales of PC and server chips caused Intel’s revenue for the fourth quarter of 2022 to dive 32% year on year, leading to a $664 million net loss for the quarter.
The outlook for Q1 of 2023 is not an optimistic one either, with CEO Pat Gelsinger telling analysts in a call, “Our results and our Q1 guidance are below what we expect of ourselves.”
However, he said that Intel is “working diligently to address the challenges brought on by current demand trends” and the company continues to have confidence in its long-term plans and trajectory.
Intel took the biggest hits across its two largest business units, with the chip maker’s Client Computing Group (CCG) and Data Center and AI group (DCAI) posting year-on-year revenue drops of 36% and 33%, respectively.
