Intel sees huge drop in profits as PC and server markets fall
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Intel has announced its end-of-year figures for 2022, revealing that its total annual revenue was $63.1 billion, down 20% from $79 billion in 2021, with net income and earnings per share both down 60% compared with the year prior.
The fourth fiscal quarter of 2022 was also a tough period for the company, which reported a 32% drop in revenue during the three-month period, but even so, it was a time of testing boundaries.
A partnership with Asus saw the company push its 13th Gen Intel Core i9-13900K processor past the 9GHz mark, while the family of 13th Gen Intel Core K Series processors became available for desktops.
Intel forecasts for 2023
Despite officially posting what was one of the worst performing years in a long time, it’s clear that the company remains optimistic. In Q1 2023, Intel released its latest-generation Xeon Scalable processors with performance computing and servers in mind.
“Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range,” said Intel CEO Pat Gelsinger.
It’s Gelsinger’s next words that give us a glimmer of hope, though, as he continued to explain that the tech giant will continue to navigate the short-term challenges to meet its long-term commitments.
There’s no denying that a tough period remains ahead of us, but Intel’s prediction that this is a short-term struggle should see things return to some sort of normality sooner rather than later… we hope.
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