(Alliance News) - Intel Corp reported a significant drop in third-quarter earnings on Thursday amid a worsening macroeconomic backdrop.
In the three months ended October 1, the California-based chipmaker reported net income of USD1.02 billion, down sharply from USD6.82 billion the previous year.
Basic earnings per share also dropped significantly, falling to USD0.25 from USD1.68.
The firm noted restructuring charges of USD664 million during the period which reflected initial cost reduction actions. It added that it is focused on driving USD3 billion in cost reduction in 2023.
Revenue declined by 20% year-on-year to USD15.34 billion from USD19.19 billion.
Intel revised its full-year revenue guidance down to between USD63 billion and USD64 billion, to reflect "continued macroeconomic headwinds". Earnings per share are expected at USD2.00.
Shares in Intel closed down 3.5% at USD26.27 on Thursday. In after-hours trading, the stock was up 4.2%.
By Heather Rydings; heatherrydings@alliancenews.com
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