Intel Corporation revealed on Thursday that its revenue in the second quarter of fiscal 2024 came in at $12.8 billion, edging down 1% on an annual basis.
In the reported three-month period, net loss stood at $1.6 billion, down from a net income of $1.5 billion registered in the same timeframe in 2023. Furthermore, last year's second-trimester diluted earnings per share of $0.35 turned into a loss per share of $0.38 in this one. In the third quarter, the company sees its revenue at between $12.5 billion and $13.5 billion, while loss per share is anticipated to stand at $0.24. The firm added it would be suspending the dividend starting in the fourth quarter of 2024.
"Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones. Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation," CEO Pat Gelsinger commented.
