Intel has released its financial results for the first quarter of 2023, and the numbers aren’t good: The company brought in $11.7 billion, a drop of 36 percent from Q1 of 2022. Because of the decline in revenue, Intel lost $2.8 billion, the biggest loss in the company’s history. Intel’s two biggest divisions—its client computing group that sells products made for end users and its data center group that sells server products—were down 38 and 39 percent, respectively.
If there’s any kind of silver lining for Intel in the earnings report, it’s that the company did slightly better than it expected to do this quarter; three months ago, Intel predicted revenues of 10.5 to 11.5 billion for Q1.
The company has instituted layoffs and has cut pay for managers and executives to help stem losses. It has also canceled some product lineups recently, like its Blockscale series of Bitcoin-mining ASICs.