Intel’s PC Market Crashes In Sept Quarter
Intel published its third quarter financial results, and although it managed to top Wall Street expectations due to strong enterprise and IOT results, its PC business fell due to the ongoing components shortages.
Intel’s non-GAAP earnings per share came to US$1.71, against expectations of US$1.11.
GAAP revenue was US$19.2 billion, up 5 per cent year-on-year, and well ahead of Wall Street’s US$18.24 billion predictions.
Intel’s PC business earned $9.7 billion, dropping by 2 per cent year-over-year. The company attribute this drop to lower notebook volumes, due to parts shortages.
Due to these shortages, Intel are spending more on foundries, hoped to offset this ongoing loss.
“Q3 shone an even greater spotlight on the global demand for semiconductors, where Intel has the unique breadth and scale to lead,” CEO Pat Gelsinger said in a statement.
“Our focus on execution continued as we started delivering on our IDM 2.0 commitments. We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade.
“We also announced major customer wins across every part of our business. We are still in the early stages of our journey, but I see the enormous opportunity ahead, and I couldn’t be prouder of the progress we are making towards that opportunity.”