With the 4th Quarter of 2021 underway, companies from around the globe are reporting on their performance for Q3. For Intel (INTC), it wasn’t all good news, as the company posted some impressive numbers in its report, though shares fell after its outlook predicted some potential issues in the coming months. In a response, the company’s CEO spoke about the impact that the chip shortage has had on business, stating that he expects it to last until 2023.
Intel (INTC) reported its Q3 2021 earnings last week, revealing numbers that beat expectations going into the quarter. That said, Intel is not without its challenges as we all continue to navigate the pandemic. There’s still a great deal of uncertainty surrounding production shortages and how it will impact business moving forward. Intel CEO Pat Gelsinger recently sat down for an interview with CNBC, where he spoke about the ongoing chip shortage.
“We call it match sets, where we may have the CPU, but you don’t have the LCD, or you don’t have the Wi-Fi. Data centers are particularly struggling with some of the power chips and some of the networking or ethernet chips.” He went on to state that he doesn’t expect the chip shortage to end anytime soon. “We’re in the worst of it now, every quarter next year we’ll get incrementally better, but they’re not going to have supply-demand balance until 2023.”
Intel believes that the chip shortage will gradually get better over the course of 2022, with things getting close to normal by 2023. Most recently, we saw Toshiba execs warn that shortages would likely last throughout next year. Nvidia, Intel, and TSMC have also stated that the chip shortage could potentially extend in 2023. For future updates on how production shortages are impacting the business world, stick with Shacknews.