Intel Corporation revealed on Thursday that its revenue in the second quarter of 2022 reached $15.3 billion, plummeting by 22% from the same time span a year earlier, below the market expectations. Diluted earnings per share (EPS) dropped by 109% year over year to $0.11 in the second trimester, with the net income also falling to $500 million. “This quarter’s results were below the standards we have set for the company and our shareholders. We must and will do better. The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues,” said Intel CEO Pat Gelsinger, adding that “we are embracing this challenging environment to accelerate our transformation.” Intel shares plunged by 8.34% in after-hours trading after the release of the earnings report.
Apple: Q3 EPS at $1.20 a year over year fall of 7.7%
Apple Inc. announced on Thursday that its diluted earnings per share for the third quarter of fiscal 2022 stood at $1.20, beating analysts’ estimates. The figure, however, marks an annual fall of 7.7%. Revenue in the second trimester hit $83 billion, marking a 2% increase year-on-year. Meanwhile, operating income for the three-month period ending June 25, 2022, declined 4% on an annual basis to $23.1 billion and net income dropped 10% to $19.4 billion. iPhone sales were up 2.7% to $40.7 billion. “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” CFO Luca Maestri noted. Apple CEO Tim Cook told CNBC the company expects the “revenue to accelerate” in the fourth quarter of this fiscal year “despite seeing some pockets of softness.”