On Thursday, July 27, Intel announced its results for the second quarter ended July 1 this year. $Intel (INTC.US)$
According to financial reports, Intel's revenue for the second quarter fell 15% year on year to 12.9 billion US dollars, higher than market expectations of 12.02 billion US dollars. The gross margin for the second quarter fell 0.7 percentage points year-on-year to 35.8%, and adjusted gross margin was 39.8%. Earnings per share for the second quarter were $0.35, and non-GAAP earnings per share fell 54% to $0.13.
The company's second-quarter revenue and net profit both exceeded the highest range of the company's own guidelines. However, Intel's gross margin is still far below the 60% level it has maintained for many years, when the company had dominant market share and production facilities.
In the second quarter, Intel provided shareholders with a quarterly dividend of 12.5 cents per share. Additionally, the company said it is on track to achieve $3 billion in cost savings in 2023.
Intel expects a modest recovery in the second half of the year. The company expects third-quarter revenue of US$12.9 billion, slightly lower than analysts' expectations of US$13.28 billion; adjusted revenue for the third quarter was US$12.9 billion to US$13.9 billion, with a median value higher than analysts' expectations of US$13.28 billion. The company expects third-quarter earnings of $0.04 per share and non-GAAP earnings of $0.2 per share. Intel expects gross margin of 43% for the third quarter, higher than market expectations of 41%...