Intel reported its biggest quarterly loss in its history and a 36% decline in revenue. Tech giants’ financial performance is slipping amid the semiconductor overproduction crisis: Samsung reported a 95% drop in profit the day before.
The American corporation Intel has published a report on its financial activities for the first quarter of 2023.
Company revenue fell 36% year-on-year to $11.7bn With a profit of $8.1bn in the first quarter of 2022, Intel ended the first quarter of 2023 with a record loss of $2.8bn on its history.
Intel has been reporting a drop in revenue and profit for several quarters in a row. To cut costs, the corporation decided to cut the salaries of most employees by 5%.
The finances of the tech giants are falling amid the crisis of overproduction of semiconductors. Samsung previously reported a 95% drop in quarterly profit and a loss for its chip division.
In January, Intel introduced a 24-core processor capable of speeds of up to 6 GHz. This is the world’s first processor with the option of automatic overclocking to such a high frequency.
Author:
Kirill Bilyk
Source: RB
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