Intel misses targets in Q2 with revenue falling 17% to $15.3B
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Intel reported that its second-quarter revenues and profits were below expectations, as the chip giant dealt with weakness in the PC market.
On a non-GAAP basis, Santa Clara, California-based Intel reported net income of 29 cents a share, down 79% from a year earlier. Non-GAAP revenue for the quarter was $15.3 billion, down 17% from a year ago.
Analysts expected Intel to report Q2 earnings per share of $2.19 billion on revenues of $18.07 billion. Intel’s stock in after-hours trading is 6.75% to $37.14 a share.
On a GAAP basis, Intel lost 11 cents a share and revenues were $15.3 billion, down 22%. Intel is revising its full-year guidance downward to $65 billion to $68 billion in revenues.
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“This quarter’s results were below the standards we have set for the company and our shareholders,” said Pat Gelsinger, Intel CEO, in a statement. “We must and will do better. The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues. We are being responsive to changing business conditions, working closely with our customers while remaining laser-focused on our strategy and long-term opportunities. We are embracing this challenging environment to accelerate our transformation.”
Gelsinger returned to Intel last year as CEO to get his shot at turning Intel. He
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