Intel downgrades the forecast for the financial year 2022

Intel downgrades its 2022 forecast for the second time. In the first quarter, one share brought in $0.59 in profit. This is more than the estimated $0.34. Revenue was below the $15.43 billion forecast.

According to Intel CEO Pat Gelsinger, the company has achieved a positive result despite the difficult situation in the economy. Product quality and process speed also improved during the quarter. The company is optimizing production and improving the quality of work processes to prepare for this cycle. The main goal is to accelerate the IDM 2.0 flywheel.

Intel lowered its forecast for 2022. Earnings per share are expected to be $1.95 ($0.35 less than the previous forecast) and revenue is expected near $63-64 billion ($2-4 billion less than the previous forecast).