Intel Q2 2023 Earnings: The Company Returns to Profitability

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Intel (NASDAQ: INTC) has now announced its earnings for the second quarter of 2023, broadly beating consensus expectations regarding its top-line and bottom-line metrics.

For the three months that ended on the 30th of June 2023, Intel reported $12.90 billion in non-GAAP revenue. The number exceeded consensus expectations.

(All figures are in billions of dollars)

Here is the performance of Intel's business segments in Q2 2023:

During Q2 2023, IFS recorded the highest growth, while NEX remained the laggard with a growth of -38 percent.

The following excerpt from the company's earnings release provides supplemental platform revenue information:

Finally, the company earned $0.13 in EPS (non-GAAP), beating consensus expectations of -$0.03. Intel had guided to a non-GAAP EPS of -$0.04 while announcing its earnings for the first quarter of 2022.

Intel had reported a GAAP loss of $2.8 billion for Q1 2023, constituting a new record. This time around, the company's GAAP Profit computed at $1.5 billion.

Here is Intel's guidance for the third quarter of 2023:

Investors have reacted positively to Intel's latest earnings release, with the stock currently up around 6 percent in after-hours trading.

Intel has been struggling over the past few quarters due to weak demand from PC makers amid elevated inventory levels.

Market Research firm IDC has already tabulated that global PC shipments declined by 13.4 percent on an annual basis during the second quarter of 2023 due to weak demand from both consumer and commercial organizations. Intel does expect the PC market to recover in the second half of 2023.

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