Intel’s largest quarterly loss on record was $2.768 billion in the first quarter of 2023. Revenue fell 36% year over year to $11.7 billion as sales weakened across most of its major businesses. The result reflected a sharp contraction in demand and a costly strategic transition—not a single failed product.
How large was Intel’s Q1 2023 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, it had reported net income of $8.113 billion. Diluted GAAP loss per share was $0.66. Intel’s April 27, 2023 results release also put revenue at $11.7 billion, down 36% year over year.
Contemporaneous coverage characterized the result as the company’s largest quarterly loss, surpassing a $687 million loss in the fourth quarter of 2007. That account also described the $11.715 billion revenue figure as Intel’s lowest since 2010. CNBC’s April 2023 report provides that historical comparison.
Why did Intel lose $2.8 billion in a quarter?
The main pressure was a broad year-over-year drop in sales across Intel’s largest operating groups. Intel’s reported segment figures show declines in three of its four businesses:
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| Business | Year-over-year revenue change |
|---|---|
| Client Computing Group | Down 38% |
| Data Center and AI | Down 39% |
| Network and Edge | Down 30% |
| Mobileye | Up 16% |
These segment changes were included in Intel’s quarterly results release. Mobileye’s growth offered a partial counterweight, but it did not offset the much larger declines elsewhere.
PC demand weakened
Contemporaneous analysis attributed much of the decline in PC-related sales to weaker demand after the pandemic-era buying surge. The same account reported laptop processor sales down 43% and desktop processor sales down more than 30%. Those figures and the demand explanation are reported analysis, not separate audited figures in Intel’s results release. Intel’s release did note a product launch during the quarter: its Client Computing Group introduced the 13th Gen Intel Core mobile processor family, led by a 24-core laptop processor.
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Data-center competition added pressure
Intel’s Data Center and AI revenue fell 39% year over year. The contemporaneous account linked the weakness in data-center chips to competition from AMD and Nvidia as well as softer market conditions. The quarterly results establish the segment decline; they do not, by themselves, quantify how much of it came from competition versus demand.
What did Intel say it would do?
CEO Pat Gelsinger described the quarter as “solid first-quarter results, representing steady progress with our transformation.” He said Intel was focused on IDM 2.0, executing its process and product roadmaps, and advancing its foundry business. CFO David Zinsner emphasized expense discipline and cost savings while maintaining investment in the company’s internal foundry model. These comments accompanied Intel’s Q1 2023 results announcement.
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The strategy created a tension for investors: Intel aimed to reduce expenses while funding manufacturing and foundry ambitions. Cost controls could help limit the effect of weak sales, but the company’s stated plan also required continued investment. The quarterly loss captures the immediate strain; it does not establish whether the longer-term transformation would succeed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did Intel forecast for the next quarter?
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. That outlook, released with the Q1 results, implied that Intel expected another loss-making quarter rather than an immediate return to profitability. Guidance is management’s forecast, not a reported result.
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