Intel (NASDAQ: INTC) has just released its financial results for the second quarter of 2022, and both its top-line and bottom-line indicators fell well short of market projections. Intel announced non-GAAP revenue of $15 billion for the three months that ended on June 30, 2022. Over 14% of the consensus expectations were not met by the result.
Mobileye experienced the largest increase during Q2 2022, while IFS continued to lag with the growth of -54 per cent. Finally, Intel missed average forecasts by more than 58 per cent, earning $0.29 in EPS (non-GAAP).
Intel anticipates a 10% decline in the PC Total Addressable Market by 2022. (TAM).
The stock is currently down about 10% in after-hours trading as a result of the poor investor response to Intel’s most recent earnings report. Since the US Congress has finally adopted the CHIPS Bill, attention is already being paid to Intel and the other semiconductor stocks. With overwhelming bipartisan support, the House passed the $280 billion CHIPS+ Bill with a vote of 243 to 187. Recall that the US Innovation and Competition Act’s provisions for domestic semiconductor research, design, and production call for around $52 billion in federal spending.
This is what the Creating Helpful Incentives to Produce Semiconductors for America (CHIPS) Act seeks to do. The CHIPS+ measure also includes approximately $100 billion in authorizations spread over five years for initiatives including boosting the work of the National Science Foundation and creating regional technology hubs to aid start-ups in remote regions of the nation.
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