Intel reported its biggest quarterly loss in its history in the first quarter

Intel, one of the world's largest microchip manufacturers, reported its highest quarterly loss in company history with $2.8 billion in the January-March period. Intel announced its balance sheet for the first quarter of 2023. Accordingly, the company's revenue in the first quarter of the year decreased by 36 percent compared to the same period last year, falling to $11.7 billion. Intel had revenue of $18.4 billion in the January-March period of last year. Intel reported a net loss of $2.8 billion in the first quarter of the year. Intel had made a net profit of $8.1 billion in the same period last year. The microchip manufacturer, which reported its highest quarterly loss ever, also had a loss per share of $0.66 in this period. The company reported a profit per share of $1.98 in the first quarter of last year. Intel CEO Pat Gelsinger stated that they continue to be cautious about the macroeconomic outlook and reminded that they are focused on the "IDM 2.0" strategy that will best position the company to take advantage of the $1 trillion market opportunity ahead of them. The company's Chief Financial Officer (CEO) David Zinsner also noted that they continue to be disciplined in expense management as part of their commitment to increasing efficiency and cost savings. Zinsner stated that they are prioritizing the necessary investments to advance the "IDM 2.0" strategy. In 2021, Intel announced its "IDM 2.0" strategy in line with its manufacturing, innovation, and product leadership goals and announced its investments within this scope.