Intel posts nearly $700m loss in Q4, stock plunges 7%

According to Intel’s chief financial officer, David Zinsner, the company focused on actions to rationalize investments (Image: Shutterstock/Tada Images)

THE intel posted a net loss of $664 million for the fourth quarter of 2022, or adjusted loss per share of $0.16.

The result contradicted expectations of FactSet analysts, who predicted earnings per share of US$ 0.21.

The numbers also reversed the $4.6 billion gain recorded in the last three months of 2021.

After the balance sheet, Intel’s stock plummeted 7.08% after hours in New Yorkat 18:28 (from Brasilia).

The recipe of company stood at US$ 14 billion in the quarter ended in December, down 32% compared to the same period in 2021, when it generated revenue of US$ 20.5 billion.

In this case, the market forecast was US$ 14.49 billion.

According to Intel Chief Financial Officer David Zinsner, the company has focused on actions to rationalize investments and prioritize areas where it can “deliver greater value for longer” during the fourth quarter of 2022.

Zinsner also signaled that the initiatives aim to reach the goal of cost cuts of US$ 3 billion in 2023.

Source: Moneytimes

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