US-based multinational technology company Intel shared its financial report for the third quarter of 2023 for investors. The revenue of the company, one of the world’s largest semiconductor chip manufacturers, fell year-on-year but still exceeded expectations. Here are the details…
Intel’s revenue fell 8% year-on-year
According to the report shared by Intel as of the third quarter of 2023, the company generated $ 14.2 billion in revenue. The tech giant’s revenues fell 8 percent compared to last year’s third quarter. The company expected a further decline. In other words, the revenue was above expectations.
According to the report, Intel made significant progress in the field of artificial intelligence in the third quarter. The company, which generated $ 3.5 billion in revenue from the data center and artificial intelligence unit, experienced a 10 percent revenue loss in this area compared to the previous third quarter. Intel CEO Pat Gelsinger said that significant progress has been made. These advances seem to show themselves in the fourth quarter.
Intel CEO Pat Gelsinger said of the third quarter;
“We had an outstanding third quarter, highlighted by overall progress on our process and product roadmaps, agreements with new foundry customers and the momentum we are bringing AI everywhere.” “We continue to make meaningful progress in our IDM 2.0 transformation by relentlessly evolving our strategy, rebuilding our execution engine and delivering on our commitments to our customers.
Pat Gelsinger
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