During the analyst call, Intel Corporation’s CEO, Mr. Patrick Gelsinger, commented on his company’s latest position. Mr. Gelsinger took over as CEO of Intel almost two years ago, and he is a towering figure in the chip industry. His tenure at Intel began during another period of slowing in the company’s history, but this time it faced a new competitor in the form of Taiwan Semiconductor Manufacturing Company (TSMC).
Intel and TSMC are now neck and neck in chip manufacturing, and the CEO stated during the earnings call that he believes his company will achieve process performance parity next year.
Analysts had already begun to warn ahead of Intel’s earnings report that not only would the results for Q4 2022 disappoint but that investors should also brace themselves for low guidance for the first quarter of this year. Intel did not disappoint on either front, with revenue of $14 billion and earnings per share of 10 cents in the fourth quarter of 2022. Analysts, on the other hand, predicted that the company would earn $14.5 billion in revenue and 20 cents per share.
Guidance for the first quarter was just as bad, if not worse. Intel forecasted revenue of between $10.5 billion and $11.5 billion, with a loss of 15 cents per share. Analysts, ever optimistic in this case, expected the company to earn 25 cents per share and generate $13.96 billion in revenue. The company’s refusal to provide any guidance beyond the first quarter was the final nail in the proverbial coffin.
During the company’s post-earnings call, Intel’s CEO spoke to analysts. Right away, he admitted that the results fell short of what Intel had ‘expected of itself.’ He also mentioned the poor macroeconomic environment. Nonetheless, the executive remained upbeat about usage levels, pointing out that the high personal computing usage during the coronavirus pandemic appears to have stuck.
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