1 May, 2023: On Thursday, Intel stated first-quarter results showing a staggering 133% annual revenue decrease for every share. Revenue dropped nearly 36% every year to $11.7 billion.

Still, the loss for every share and sale exceeded soft Wall Street expectations. The stock plunged in extended trading following initially rising on the report.

For the upcoming quarter, Intel predicts losing 4 cents per share on earnings of $12 billion. That forecast is shy of analyst anticipations for earnings of 1 cent for each share on $11.75 billion in sales.

In the first quarter, Intel is plunging to a net loss of $2.8 billion for each share, from a net gain of $8.1 billion, or $1.98 per share, in the previous year.

Excluding impacting of inventory restructuring, a recent change to employee stock options and different acquisition-related payments, Intel stated that it lost 4 cents a share, a narrower loss than analysts had expected.

Earnings come down to $11.7 billion from $18.4 billion every year.

It’s the fifth continuous quarter of decreasing sales for the semiconductor giant and the second quarter of losses. It’s also Intel’s most considerable quarterly loss of all time, beating out the fourth quarter of 2017, when it loses $687 million.

As CEO Patrick Gelsinger finished his third year at the company’s helm that put “silicon” in “Silicon Valley,” investors wonder if Intel has bottomed out. The stock is up more than 9% so far in 2023 but down over 35% since last year.

“We still have more work to do as we reestablish process, product, and cost leadership, but we continue to give proof points each quarter,” Gelsinger said on an earnings call.

In the meantime, a business that used to print money is struggling, especially in PC chips, which used to be the company’s most robust product line. According to an estimate from market tracker IDC, international PC shipments dropped nearly 30% in the first quarter as the industry is mired in a recession.

Intel’s Client Computing Group, including chips that power the highest of desktop and Windows PCs, stated $5.8 billion in revenue, down 38% annually.