Intel’s revenues fell to $11.7 bln in Q1, a 36% drop‎

Intel announced that its revenues decreased by 36%, on an annual basis, to reach $11.7 billion in the first quarter of 2023, compared to $18.4 billion during the same period last year, and the company’s earnings per share fell by about 133%. % during the first quarter on an annual basis

According to “CNN”, despite the decrease in revenues, the company’s results are slightly better than expectations, as it recorded losses of about four cents per share compared to an expected loss of 15 cents per share, and the company’s net losses amounted to about $ 2.8 billion in the first quarter. , compared to profits of $8.1 billion in the same period last year

The losses recorded by the company in the first quarter of this year are the highest in its history, surpassing the losses recorded in the fourth quarter of 2017 at the level of $687 million.

The company said its recent cost-cutting efforts, which include layoffs, are bearing fruit, anticipating cost savings of about $3 billion this year and nearly $10 billion annually by 2025.