Intel Sees Revenue Decline 22%

<p>Chip maker Intel reported a surprisingly steep decline in second-quarter revenue of &dollar;15&period;3 billion&comma; down 22&percnt; from the previous year&period;<&sol;p>&NewLine;<p>Intel’s Client Computing and Datacenter and AI Groups were largely impacted by continued adverse market conditions&semi; Network and Edge Group and Mobileye achieved record quarterly revenue&period;<&sol;p>&NewLine;<p>The company reported a net loss of &dollar;454 million in the quarter&period; In the second quarter&comma; the company generated &dollar;0&period;8 billion in cash from operations and paid dividends of &dollar;1&period;5 billion&period;<&sol;p>&NewLine;<p style&equals;"font-weight&colon; 400&semi;">&OpenCurlyDoubleQuote;This quarter’s results were below the standards we have set for the company and our shareholders&period; We must and will do better&period; The sudden and rapid decline in economic activity was the largest driver&comma; but the shortfall also reflects our own execution issues&comma;” said Pat Gelsinger&comma; Intel CEO&period; &OpenCurlyDoubleQuote;We are being responsive to changing business conditions&comma; working closely with our customers while remaining laser-focused on our strategy and long-term opportunities&period; We are embracing this challenging environment to accelerate our transformation&period;”<&sol;p>&NewLine;<p style&equals;"font-weight&colon; 400&semi;">&&num;8220&semi;We are taking necessary actions to manage through the current environment&comma; including accelerating the deployment of our smart capital strategy&comma; while reiterating our prior full-year adjusted free cash flow guidance and returning gross margins to our target range by the fourth quarter&comma;&&num;8221&semi; said David Zinsner&comma; Intel CFO&period; &&num;8220&semi;We remain fully committed to our business strategy&comma; the long-term financial model communicated at our investor meeting and a strong and growing dividend&period;&&num;8221&semi;<&sol;p>&NewLine;<p>As of July 2022&comma; Intel said it has 128&comma;200 employees compared to 113&comma;700 employees a year ago&period; The company has &dollar;27 billion in cash and short-term investments at the end of the second quarter&period;<&sol;p>&NewLine;