Intel Q2 2023 Earnings: The Firm Returns to Profitability

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Intel (NASDAQ: INTC) has now introduced its earnings for the second quarter of 2023, broadly beating consensus expectations relating to its top-line and bottom-line metrics.

Intel (NASDAQ: INTC) Earnings Launch for the Second Quarter of 2023

For the three months that ended on the thirtieth of June 2023, Intel reported $12.90 billion in non-GAAP income. The quantity exceeded consensus expectations.

(All figures are in billions of {dollars})

Right here is the efficiency of Intel’s enterprise segments in Q2 2023:

Throughout Q2 2023, IFS recorded the very best progress, whereas NEX remained the laggard with a progress of -38 %.

The next excerpt from the corporate’s earnings launch supplies supplemental platform income data:

Lastly, the corporate earned $0.13 in EPS (non-GAAP), beating consensus expectations of -$0.03. Intel had guided to a non-GAAP EPS of -$0.04 whereas saying its earnings for the primary quarter of 2022.

Intel had reported a GAAP lack of $2.8 billion for Q1 2023, constituting a brand new file. This time round, the corporate’s GAAP Revenue computed at $1.5 billion.

Right here is Intel’s steering for the third quarter of 2023:

Buyers have reacted positively to Intel’s newest earnings launch, with the inventory at present up round 6 % in after-hours buying and selling.

Earnings Context

Intel has been struggling over the previous few quarters as a result of weak demand from PC makers amid elevated stock ranges.

Market Analysis agency IDC has already tabulated that international PC shipments declined by 13.4 % on an annual foundation through the second quarter of 2023 as a result of weak demand from each client and business organizations. Intel does count on the PC market to get well within the second half of 2023.

The semiconductor big’s slumping margins are additionally some extent of concern for buyers as rising competitors continues to take its toll. The corporate’s CEO, Pat Gelsinger, does count on Intel’s adjusted gross margins to stay above 40 % in H2 2023.

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