Intel Corporation (NASDAQ: INTC) Thursday reported lower earnings and revenues for the third quarter of 2022. The semiconductor giant also provided guidance for the fourth quarter.
Third-quarter revenues decreased 20% annually to $15.3 billion. The top line was negatively impacted by continued slowdown in the core Client Computing segment.
Adjusted earnings declined to $0.59 per share in the latest quarter from $1.45 per share in the third quarter of 2021. On a reported basis, the company posted a profit of $1.02 billion or $0.25 per share, compared to $6.8 billion or $1.67 per share last year.
Check this space to read management/analysts’ comments on Intel’s Q3 2022 results
“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter. To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.,” said Intel’s CEO Pat Gelsinger.
