Intel (INTC) Q1 2023 earnings results beat revenue estimates on smaller than expected loss
With the release of its Q1 2023 earnings results, Intel put up a beat on revenue and came out with less losses in EPS than expected.
With many major tech companies reporting on the end of their most recent fiscal quarters, Intel is one of the latest tech giants on the block to speak to its recent quarterly performance. The company dropped its Q1 2023 results, which shared a revenue beat. Intel posted losses on its earnings-per-share (EPS) metric, but a loss was expected. In fact, Intel managed to put up less losses in EPS than most estimations.
Intel put up its Q1 2023 earnings results via its investor relations website on April 27, 2023. In said results, Intel announced a revenue of $11.7 billion USD. This managed to push it just above the Wall Street expectations, which estimated it would come out to a flat $11 billion. For its EPS, Intel posted $0.04 per share in losses. This too was above estimates. Wall Street expected an EPS loss of $0.15 per share while the Whisper Number estimate came to a loss of $0.12 per share. In this regard, even though Intel still posted losses in EPS, it came out ahead of expectations.
Intel has had a slow period, especially alongside many other tech companies that are failing to capitalize on semiconductor and tech sales at this time. With the chip industry at large in a major slump at the moment, Intel is finding itself particularly on the short end of the stick when it comes to moving developing its semiconductor fabrication availability and moving its product to consumers. The company has seen delays on an Ohio chip factory it was building with federal support. The company has also asked for funding from Germany on a fabricator facility there.
With Intel’s Arrow Lake series of chips on track and the company moving into 1.8nm and 2nm chip fabrication, it could be looking at several more years for significant upturn as it works towards establishing the foundation for a lot of new manufacturing and business. Stay tuned for more earnings results as tech companies continue to report throughout the quarter.
TJ Denzer posted a new article, Intel (INTC) Q1 2023 earnings results beat revenue estimates on smaller than expected loss