Intel's Profit Plunges As We Stop Buying All Those PCs

Arthur T Knackerbracket has processed the following story:

With the COVID spending spree on PCs at an end and consumers spooked by the economy, Intel's profit and revenue plunged in the second quarter, the chipmaker said Thursday. Intel's own problems, like delays in data center chip upgrades, also were a major factor.

Analysts were appalled. "Intel's Q2 takes the prize for the worst we have seen in our career," Bernstein analyst Stacy Rasgon said in a research note Friday.

[...] "For decades, Intel was able to cover up a litany of failed projects, poor acquisitions, and strategic foibles by pushing Moore's Law and process leadership," he said. "Unless they regain this leadership (we think unlikely), or change strategic direction, we expect growth, profitability, and cash flow problems to persist at Intel."

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