Semiconductor giant Intel Corporation (NASDAQ: INTC) Thursday reported lower adjusted net income and revenues for the second quarter of 2023.
Revenues plunged 15% year-over-year to $12.9 billion in the second quarter. Client Computing and Data Center & AI Group, the company’s main operating segments, contracted sharply during the three-month period.
The tech firm reported earnings of $0.13 per share for the June quarter, on an adjusted basis, compared to $0.28 per share in the second quarter of 2022. On a reported basis, net income was $1.5 billion or $0.35 per share, compared to a loss of $0.5 billion or $0.11 per share last year.
“Our Q2 results exceeded the high end of our guidance as we continue to execute on our strategic priorities,
including building momentum with our foundry business and delivering on our product and process roadmaps,” said Intel’s CEO Pat Gelsinger.