Intel reports 6 percent decline in revenue for Q3
Intel reports 6 percent decline in revenue for Q3 . (MENAFN) American chipmaker Intel reported a 6 percent decline in revenue for the third quarter, as detailed in its financial results statement released on Thursday. The company's revenue fell by ...
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(MENAFN) American chipmaker Intel reported a 6 percent decline in revenue for the third quarter, as detailed in its results statement released on Thursday. The company's revenue fell by 6.3 percent, dropping to USD13.3 billion compared to USD14.2 billion in the same period the previous year.



Despite the decline in revenue, Intel raised its estimated revenue for the fourth quarter from USD13.3 billion to USD14.3 billion. CEO Pat Gelsinger highlighted that the company achieved revenue above the midpoint of its guidance and emphasized their commitment to positioning the business for sustainable value creation in the future.



CFO David Zinsner pointed out that restructuring charges had a significant negative impact on profitability for Q3, as the company took crucial steps toward its cost reduction objectives. This restructuring effort indicates a proactive approach to address the challenges faced in the current market environment.



In terms of financial performance, Intel reported a net loss of USD16.6 billion for the third quarter, a stark contrast to the USD0.3 billion loss recorded in the same quarter last year. This substantial net loss underscores the challenges the company is facing as it navigates through a difficult period in the semiconductor industry.

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2024-11-03
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(MENAFN) American chipmaker Intel reported a 6 percent decline in revenue for the third quarter, as detailed in its financial results statement released on Thursday. The company's revenue fell by ...
Intel reports 6 percent decline in revenue for Q3