Market Updates
Intel Revenues Declined on Weakening Demand, Apple Shift, and Supply Disruptions
Scott Peters
29 Apr, 2022
New York City
Intel Corporation reported first quarter 2022 revenues decreased 7% to $18.4 billion and net income surged 141% to $8.1 billion.
Diluted earnings per share increased by the same amount to $1.98 from 82 cents.
In the quarter, the company generated $5.9 billion in cash from operations and paid dividends of $1.5 billion.
In the quarter, gross margins declined to 50.4% from 55.2% in the previous year.
Client computing revenues declined 13% to $9.3 billion, Datacenter and AI group revenues rose 22% to $6 billion, Network and Edge Group revenues rose 23% to $2.2 billion.
Sales in the quarter were down partly because of lower demand for desktop and laptop computers, Apple shifted its chipmaking in-house, and computer device makers lowering inventories level.
Accelerated Computing Systems and Graphic Group revenues 21% to $219 million and Mobileye unit sales rose 5% to $394 million.
Intel Foundry Services revenues shot up 175% to $283 million.
Guidance & Outlook
For the second quarter, the semiconductor chipmaker guided revenues of $18 billion, gross margin of 48%, and 50 cents earnings per share.
For 2022, the company guided total revenues of $76 billion, gross margin of 49%, and earnings per share of $4.19.
For the year, the company plans to spend $27 billion.
The company guided that supply chain problems are persisting longer than anticipated and consumers are holding back from purchasing new computers on rising inflation.
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Earnings
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