Intel (INTC, $36.31) disappoints on Q2 revenue...

Abhoy Sarkar

published in Blogs

Jul 31, 2022

Intel (INTC, $36.31) disappoints on Q2 revenue and full-year outlook

Intel reported its second quarterly earnings that heavily fell short of analysts’ expectations. The tech giant’s outlook for the full-year is also weaker than the Street estimates.

Adjusted earnings came in at 29 cents per share, well below the 70 cents per share expected by analysts polled by Refinitiv.

Revenue decreased 22% from the year-ago quarter to $15.32 billion. It fell short of analysts' expectations of $17.92 billion -- the 14% miss is the company’s largest since 1999, according to Refinitiv data. It has a $454 million net loss as of the quarter’s end, compared with net income of $5 billion in the year-ago quarter.

CEO Pat Gelsinger attributed the weak performance primarily to the “sudden and rapid decline in economic activity” but also mentioned the company’s internal execution issues in areas like product design, and the ramp of AXG [Accelerated Computing Systems and Graphics Group] offerings.

For the third quarter, Intel is expecting 35 cents in adjusted earnings per share, much lower than the 86 cents that analysts polled by Refinitiv expected. The company offered its guidance on revenue at $15 billion to $16 billion, vs. analysts’ $18.62 billion.

Looking further ahead, Intel lowered its full-year outlook on adjusted earnings to $2.30 per share (vs. $3.60 in prior guidance from 3 months ago). It predicts revenue in the range of $65 billion to $68 billion, vs. previous expectation of $76.0 billion in revenue. Analysts polled by Refinitiv were expecting $74.34 billion in revenue.

Related Tickers: INTC

Sergey Savastiouk

published in Blogs

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If the stock market were Major League Baseball, hedge funds and institutional investors would be the pros on championship teams while everyday self-directed investors (SDIs) are the benchwarmers in the minors.It’s how they get ahead, and it’s why 90% of SDIs lose money trying to play (invest and trade) in the major leagues. The 4 tricks we discuss below are rooted in one common theme: they all use Artificial Intelligence and algorithms to generate data and ideas.

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published in Blogs

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Sergey Savastiouk

published in Blogs

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published in Blogs

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Alla Petriaieva

published in Blogs

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Sergey Savastiouk

published in Blogs

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Abhoy Sarkar

published in Blogs

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published in Blogs

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Sergey Savastiouk

published in Blogs

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Abhoy Sarkar

published in Blogs

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US unemployment rate jumps to 14.7%, the highest in series history

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