Intel Reports Q1 2022 Earnings: Improved Enterprise Sales Buoy Weaker Client Revenue

Kicking off our coverage of the first earnings season of the year for the tech industry, we as always start with Intel. The blue-hued blue-chip company is the first out of the gate to report their results for the first quarter of 2022, with Intel reporting something of a mixed quarter. With revenue down on a yearly basis – thanks in large part to softer client sales – Intel is no longer on a hot streak of setting records. At the same time, however, the company has dialed back its lofty expectations accordingly, and as a result was still able to slightly edge out its Q1 guidance.

For the first quarter of 2022, Intel booked $18.4B in revenue, a drop of 7% from the year-ago quarter. Buffering the company against this revenue drop on a GAAP basis has been an improvement in both operating income and net income, both of which benefitted from some one-off restructuring and investment gains (McAfee equity sale). As a result, Intel booked $8.1B in net income on a GAAP basis, which is a 141% improvement on the year. Otherwise, stripping things back to non-GAAP financials, things more closely mirror the overall revenue picture with a 35% decline in income.

from AnandTech https://ift.tt/gP8eWSs