Intel posted a $2.768 billion GAAP net loss in the first quarter of 2023, its largest quarterly loss on record. Revenue fell 36% year over year to $11.7 billion as sales weakened across its PC, data-center, and network businesses. Intel’s next-quarter outlook still pointed to a loss.
How large was Intel’s record loss?
Intel reported a GAAP net loss of $2.768 billion for the quarter ended April 1, 2023; $2.758 billion of that loss was attributable to Intel. A year earlier, Intel had reported $8.113 billion in net income. The first-quarter 2023 diluted loss was $0.66 per share. These figures are from Intel’s April 27, 2023 results release.
Contemporaneous coverage identified it as Intel’s largest quarterly loss, compared with a previous record loss of $687 million in the fourth quarter of 2007. That same account put Q1 2023 revenue at $11.715 billion and described it as the company’s lowest since 2010. [c003]
Why did Intel lose $2.8 billion in a quarter?
The loss came during a steep decline in demand and revenue across most of Intel’s major businesses. Intel’s own segment figures show that the downturn was broad rather than confined to one product category:
Free tools Windows power users keep installed
One-click scans. No signup required.
#1 Best Overall
- Next‑Gen Platform Support: Compatible with Intel 800 Series Chipset‑based motherboards with LGA1851 Socket enabling PCIe 5.0/4.0 and high‑speed DDR5 memory (up to 7200 MT/s).
- High‑Performance Core Configuration: Features up to 24 cores (8 P‑cores + 16 E‑cores) for demanding gaming and creator
- Ultra‑Fast Boost Clocks: Reaches up to 5.5 GHz max turbo frequency for top‑tier responsiveness and performance
- Built for Enthusiasts: Unlocked for performance tuning when paired with Intel Z‑series chipsets, making it ideal for overclockers and power users.
- Robust Power & Thermal Design: Engineered with 125W base power and 250W max turbo power to sustain high‑intensity
| Intel business | Year-over-year revenue change in Q1 2023 |
|---|---|
| Client Computing Group | Down 38% |
| Data Center and AI | Down 39% |
| Network and Edge | Down 30% |
| Mobileye | Up 16% |
The percentages are from Intel’s quarterly report, summarized in the cited segment data. [c006] Mobileye’s growth offered a limited offset to contractions in the larger PC, data-center, and network businesses.
PC demand weakened
Contemporaneous reporting attributed much of the pressure to a post-pandemic slowdown in PC demand. It reported laptop processor sales down 43% and desktop sales down more than 30%, alongside reduced demand for data-center chips and competition from AMD and Nvidia. These are reported explanations for the quarter, not audited figures in Intel’s results release. [c003]
Rank #2
- Game Without Compromise. Play harder and work smarter with Intel Core 14th Gen processors
- 20 cores (8 P-cores plus 12 E-cores) and 28 threads. Integrated Intel UHD Graphics 770 included
- Up to 5.6 GHz with Turbo Boost Max Technology 3.0 gives you smooth game play, high frame rates, and rapid responsiveness
- Compatible with Intel 600-series (with potential BIOS update) or 700-series chipset-based motherboards
- DDR4 and DDR5 platform support cuts your load times and gives you the space to run the most demanding games
What did Intel say about its response?
CEO Pat Gelsinger described the quarter this way: “We delivered solid first-quarter results, representing steady progress with our transformation.” [c004]
Management said Intel was pursuing its IDM 2.0 strategy, focusing on execution across process and product roadmaps and advancing its foundry business. CFO David Zinsner emphasized expense discipline and cost savings while continuing investment in the internal foundry model. [c004]
Rank #3
- Get ultra-efficient with Intel Core Ultra desktop processors that improve both performance and efficiency so your PC can run cooler, quieter, and quicker.
- Core and Threads 24 cores (8 P-cores plus 16 E-cores) and 24 threads. Integrated Intel Graphics included
- Performance Hybrid Architecture Integrates two core microarchitectures, prioritizing and distributing workloads to optimize performance
- Performance Unlocked Up to 5.7 GHz unlocked. 40MB Cache
- Compatibility Compatible with Intel 800 series chipset-based motherboards
Intel also highlighted the introduction of its 13th Gen Intel Core mobile processor family, led by a 24-core laptop processor. That product launch provided a sign of ongoing product activity, but did not offset the reported revenue declines across the company’s largest segments. [c002]
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did Intel forecast next?
For Q2 2023, Intel guided to revenue of $11.5 billion to $12.5 billion and GAAP diluted earnings per share of approximately negative $0.62. The outlook signaled that the company expected another difficult quarter, even as it pursued cost controls and longer-term foundry expansion. [c005]
Quick Recap
Best Value
- Game without compromise. Play harder and work smarter with Intel Core 14th Gen processors
- 24 cores (8 P-cores plus 16 E-cores) and 32 threads. Integrated Intel UHD Graphics 770 included
- Leading max clock speed of up to 6.0 GHz gives you smoother game play, higher frame rates, and rapid responsiveness
- Compatible with Intel 600-series (with potential BIOS update) or 700-series chipset-based motherboards
- DDR4 and DDR5 platform support cuts your load times and gives you the space to run the most demanding games
Rank #4
- Game Without Compromise. Play harder and work smarter with Intel Core 14th Gen processors
- 20 cores (8 P-cores plus 12 E-cores) and 28 threads. Discrete graphics required
- Up to 5.6 GHz with Turbo Boost Max Technology 3.0 gives you smooth game play, high frame rates, and rapid responsiveness
- Compatible with Intel 600-series (with potential BIOS update) or 700-series chipset-based motherboards
- DDR4 and DDR5 platform support cuts your load times and gives you the space to run the most demanding games
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
