US chipmaker Intel posts biggest quarterly loss in history

US chipmaker Intel posts biggest quarterly loss in history

Financial results reveal staggering US$2.8 bil net loss

ISTANBUL – US-based global chipmaker Intel posted its biggest quarterly loss in the firm’s history, according to its financial results statement released late yesterday.

The company posted a net loss of US$2.8 billion (RM12.5 billion) attributable to Intel shareholders in the first quarter of this year, down from an US$8.1 billion gain recorded in the same period of last year, Anadolu Agency reported.

Revenue was down 36% at US$11.7 billion from US$18.4 billion during that period.

The figures mark the fifth consecutive quarter of decline in sales and the second quarter in a row for losses, it added.

Chief executive officer Pat Gelsinger said the company “remains cautious on the macroeconomic outlook”, while chief financial officer David Zinsner said the firm “continues to be disciplined on expense management”.

– Bernama, April 28, 2023

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