Intel reported a 32% decline in revenue since the holiday quarter of 2021, making the fourth quarter of 2022, which included the holiday season, the worst in company history.
The company disclosed its annual and fourth-quarter 2022 financial results. Its total sales for the year was $63.1 billion, down 20% from the previous year, while its fourth quarter revenue of $14 billion was down 32% year over year.
Intel also disclosed earnings per share of $0.16 for the fourth quarter and $1.94 for the year. It anticipates $10.5 billion in revenue for the first quarter of 2023.
The tech company generated $7.7 billion in cash In the fourth quarter, from operations and paid dividends of $1.5 billion, per appleinsider.
“In the fourth quarter, we took steps to right-size the organization and rationalize our investments, prioritizing the areas where we can deliver the highest value for the long term,” said David Zinsner, Intel CFO.
“These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025,” Zinsner continued.
Intel claims to be on track to meet its target of producing five process nodes in four years. The Intel 7 node is already in high-volume production for the client and server industries, and the Intel 4 node is nearing completion.