Intel sees net loss, revenue decline in Q2 due to weak economic activity

By Ovunc Kutlu

ANKARA (AA) - US-based chipmaker Intel saw net loss and revenue decline in the second quarter of 2022 due to weak economic activity, according to its financial results statement announced Thursday.

The company posted a net loss of $454 million in the April-June period of this year, down from $5.1 billion net income recorded the same period of last year.

It also had operating loss of $700 million in the second quarter of 2022, a decline from $5.5 billion of operating income the same period of 2021.

Revenue decreased 22% to $15.3 billion, from $19.6 billion, during that period.

"This quarter’s results were below the standards we have set for the company and our shareholders ... The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues," CEO Pat Gelsinger said.

CFO David Zinsner said the company is taking necessary actions to manage through the current environment.

Intel's stock price dove 10.8% to $35.42 per share on the Nasdaq at Friday's opening bell.