Intel Shares Drop Almost 10% After Release Of 2022 Financial Report

MOSCOW (UrduPoint News / Sputnik - 27th January, 2023) The world's largest computer components manufacturer, Intel, had its shares drop by almost 10% in price in after-trading hours amid the publication of the company's financial report, trading data showed on Friday.

Intel shares rose in value by 1.31%, to $30.09 per security on Thursday, but after the close of trading session, the shares fell by 9.74% to $27.16.

Intel's net profit fell by two and a half times over the year, to $8.017 billion. Diluted earnings per share were $1.94, compared to $4.86 in 2021. The company's revenue decreased by 20% to $63.054 billion, Intel said in its Fourth-Quarter and Full-Year 2022 financial report on Thursday.

In the fourth quarter of 2022, the corporation recorded a net loss of $661 million compared to an income of $4.6 billion in the same period in 2021. Intel's revenue for the reporting period in annual terms decreased by 31.6%, to $14.042 billion.

The company is forecasting a loss per share for the current quarter at around $0.

8 and revenue between $10.5 billion and 11.5 billion, the report said.

ENG "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. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our incredible team," Intel CEO Pat Gelsinger said.

Intel, the California-based corporation, was founded in July 1968. It is one of the world's largest companies manufacturing a wide range of electronic devices and computer components, including microprocessors and semiconductors.