Intel's horrible quarter revealed an inventory glut and underused factories
Publishing timestamp: 2023-01-26 18:58:23
Summary
Intel's December earnings showed significant declines in company's sales, profit, gross margin, and outlook, both for quarter and full year. Investors reacted negatively, sending stock down 9%. Intel's customers have too many chips and need to work through inventory, so they won't be buying many new chips. Intel's gross margin continues to decline, hurting company's profitability. Mobileye, Intel's self-driving subsidiary, reported strong earnings and revenue growth.
Sentiment: NEGATIVE
Keywords: business, mobileye global inc, mobile, intel corp, breaking news: technology, technology, pat gelsinger, business news, apple inc,
Source: https://www.cnbc.com/2023/01/26/intels-horrible-quarter-inventory-glut-and-underused-factories.html