Published on 27 Jan 2023 on Zacks via Yahoo Finance

Intel (INTC) Misses Q4 Earnings Estimates on Lower Revenues

Intel Corporation INTC reported soft fourth-quarter 2022 results, missing the bottom line and the top line estimates. Both revenues and earnings declined year over year owing to a challenging macroeconomic environment, uncertain business conditions and softening demand trends.

Quarter Details

The company reported a GAAP net loss of $664 million or a loss of 16 cents per share against a net income of $4,623 million or $1.13 per share in the year-ago quarter. The significant decline was due to a sudden and rapid fall in economic activity and a slowdown in demand that resulted in top-line contraction. Non-GAAP earnings in the reported quarter were $394 million or 10 cents per share compared with $4,723 million or $1.15 per share a year ago. The bottom line missed the Zacks Consensus Estimate by 10 cents.