Intel’s revenue in the fourth quarter was US$14.042 billion, turning profit into loss year-on-year

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Sina Technology News Beijing time on January 27 morning news, Intel The company’s fiscal 2022 fourth-quarter and full-year results were announced today. The report shows that Intel’s fourth-quarter revenue was US$14.042 billion, a decrease of 32% compared with US$20.528 billion in the same period last year; the net loss was US$661 million, compared with a net profit of US$4.623 billion in the same period last year; The net loss attributable to Intel was US$664 million, compared with the net profit attributable to Intel of US$4.623 billion in the same period last year, equivalent to a year-on-year decrease of 114%; Standard), Intel’s fourth-quarter adjusted net profit was $400 million, down 92% from $4.7 billion in the same period last year.

Intel’s fourth-quarter revenue and adjusted earnings per share missed Wall Street analysts’ expectations, and the company’s outlook for fiscal 2022 first-quarter revenue and adjusted earnings per share also fell short of expectations. After that, the stock price fell sharply by more than 8%.

Summary of fourth quarter results:

In the fiscal quarter ended December 31, Intel’s net loss was US$661 million, compared with a net profit of US$4.623 billion in the same period last year; the net loss attributable to Intel was US$664 million, compared with Net profit attributable to Intel in the same period last year was US$4.623 billion, equivalent to a year-on-year decrease of 114%; diluted loss per share was US$0.16, compared with US$1.13 in the same period last year, equivalent to a year-on-year decrease 114%.

Excluding certain one-time items (non-GAAP), Intel’s fourth-quarter adjusted net income was $400 million, down 92% from $4.7 billion in the same period last year; adjusted EPS was $0.10, down 92% from $1.15 in the same period last year.

Intel’s fourth-quarter revenue was $14.042 billion, down 32% from $20.528 billion in the same period last year.

Intel’s fourth-quarter revenue and adjusted earnings per share missed analysts’ expectations. According to data provided by Yahoo Finance Channel, 29 analysts had expected Intel’s earnings per share to reach $0.20 in the fourth quarter on average, and 28 analysts had expected Intel’s fourth-quarter revenue to reach $14.45 billion on average.

Intel’s fourth-quarter operating loss was $1.132 billion, compared with an operating profit of $4.989 billion in the same period last year; excluding certain one-time items (not in accordance with US GAAP), Intel’s fourth-quarter adjusted operating Profit was $602 million, compared with adjusted operating profit of $5.500 billion a year earlier.

Intel’s fourth-quarter operating margin was -8.1%, down 32.4 percentage points from 24.3% in the same period last year; excluding certain one-time items (not in accordance with US GAAP), Intel’s fourth-quarter adjusted operating The profit margin was 4.3%, down 23.9 percentage points from 28.2% in the same period of the previous year.

Intel’s gross profit in the fourth quarter was 5.500 billion yuan, compared with 11.009 billion U.S. dollars in the same period last year; excluding certain one-time items (not in accordance with US GAAP), Intel’s fourth-quarter adjusted gross profit was 61.45 billion U.S. dollars, compared with 10.903 billion U.S. dollars in the same period last year.

Intel’s fourth-quarter gross margin was 39.2%, down 14.5 percentage points from 53.6% in the same period last year; excluding certain one-time items (not in accordance with US GAAP), Intel’s fourth-quarter adjusted gross margin was 43.8%, a decrease of 12.1 percentage points compared with 55.8% in the same period of last year.

Intel’s fourth-quarter operating expenses (R&D, general and administrative) were $6.2 billion, up 3% from $6.0 billion in the same period last year. Among them, Intel’s fourth-quarter research and development expenditures were US$4.464 billion, compared with US$4.049 billion in the same period last year; marketing, general and administrative expenses were US$1.706 billion, compared with US$1.942 billion in the same period last year; Other expenses were $462 million, compared to $29 million in the year-ago period. Excluding certain one-time items (non-GAAP), Intel’s adjusted operating expenses in the fourth quarter were $5.5 billion, an increase of 3% compared to $5.4 billion in the same period last year.

Intel’s fourth-quarter tax rate was -3.2%, down 11.7 percentage points from 8.5% in the same period last year. Excluding certain one-time items (non-GAAP), Intel’s fourth-quarter adjusted tax rate was 4.1%, down 4.6 percentage points from 8.7% in the same period last year.

In the fourth quarter, Intel’s cash from business operations was $7.703 billion, and its adjusted free cash flow was $3.064 billion.

Fourth quarter performance by division:

In terms of divisions, Intel Client Computing Group’s net revenue in the fourth quarter was US$6.625 billion, compared with US$10.333 billion in the same period last year, a year-on-year decrease of 36%; operating profit was US$699 million, compared with US$10.333 billion in the same period last year. It was 3.795 billion US dollars. Among them, desktop business revenue was US$2.509 billion, compared with US$3.756 billion in the same period last year; notebook business revenue was US$3.663 billion, compared with US$5.809 billion in the same period last year; other business revenue was $453 million, compared to $738 million a year earlier.

Intel’s data center and artificial intelligence (AI) group’s revenue in the fourth quarter was US$4.304 billion, compared with US$6.426 billion in the same period last year, a year-on-year decrease of 33%; operating profit was US$371 million, compared with US$6.426 billion in the same period last year; For the same period, it was 2.350 billion US dollars.

Intel’s network and edge computing business revenue in the fourth quarter was US$2.061 billion, compared with US$2.086 billion in the same period last year, a year-on-year decrease of 1%; operating profit was US$58 million, compared with US$352 million in the same period last year.

Intel’s Accelerated Computing Systems and Graphics Business Unit’s fourth-quarter revenue was $247 million, compared with $245 million in the same period last year, an increase of 1% year-on-year; operating loss was $441 million, compared with $245 million in the same period last year. Operating loss was $641 million.

Mobileye, Intel’s self-driving division, had revenue of $565 million in the fourth quarter, compared with $356 million in the same period last year, an increase of 59% year-on-year; operating profit was $210 million, compared with the same period last year. for $123 million.

Intel Foundry Services’ fourth-quarter revenue was $319 million, up 30% from $245 million a year earlier; operating loss was $31 million, compared to Operating profit for the same period was $3 million.

Intel’s fourth-quarter revenue from all other businesses was $30 million, compared with $1.033 billion in the same period last year; operating loss was $1.998 billion, compared with an operating loss of $993 million in the same period last year.

Fiscal Year 2022 Results:

For the entire fiscal year 2022, Intel’s revenue was $63.1 billion, down 20% from $79 billion in fiscal year 2021, a performance that missed analysts’ expectations. According to data provided by Yahoo Finance Channel, 38 analysts had previously expected Intel’s fiscal year 2022 revenue to reach $63.5 billion.

Intel’s net profit for fiscal year 2022 is $8 billion, a 60% drop from $19.9 billion in fiscal year 2021; diluted earnings per share are $1.94, a 60% drop from $486 million in fiscal year 2021.

Excluding certain one-time items (not in accordance with US GAAP), Intel’s fiscal year 2022 adjusted net income was $7.6 billion, down 65% from $21.7 billion in fiscal year 2021; adjusted EPS was $1.84, down 65% from $5.30 in fiscal 2021, a performance that also missed analyst expectations. According to data provided by Yahoo Finance Channel, 36 analysts expect Intel’s earnings per share to reach $1.95 in fiscal year 2022 on average.

Intel’s fiscal year 2022 operating margin was 3.7%, down 20.9 percentage points from 24.6% in fiscal year 2021; excluding certain one-time items (not in accordance with US GAAP), Intel’s adjusted operating margin for fiscal year 2022 Profit margin was 12.6%, down 19.9 percentage points from 32.4% in fiscal 2021.

Intel’s fiscal year 2022 gross margin is 42.6%, down 12.8 percentage points from 55.4% in fiscal year 2021; excluding certain one-time items (not in accordance with US GAAP), Intel’s adjusted gross margin in fiscal year 2022 It was 47.3%, a decrease of 10.8 percentage points compared with 58.1% in fiscal year 2021.

Intel FY2022 operating expenses of $24.5 billion, up 13% from $21.7 billion in FY2021; adjusted operating expenses for FY2022, excluding certain one-time items (non-GAAP) Expenditures were $21.9 billion, up 14% from $19.2 billion in fiscal 2021.

Intel’s fiscal year 2022 tax rate is -3.2%, a decrease of 11.7 percentage points compared with 8.5% in fiscal year 2021; the tax rate not in accordance with US GAAP is 4.1%, a decrease of 4.6 percentage points compared with 8.7% in fiscal year 2021.

In FY 2022, Intel’s cash from business operating activities is $15.433 billion, and its adjusted free cash flow is -$4.075 billion.

Performance outlook:

Intel expects the company’s revenue to be between $10.5 billion and $11.5 billion in the first quarter of fiscal 2023, with an average of $11 billion, a performance outlook that missed analysts’ expectations. According to data provided by Yahoo Finance Channel, 28 analysts had expected Intel’s first-quarter revenue to reach $13.93 billion on average.

Intel also expects the company’s gross profit margin to be approximately 34.1% in the first quarter of fiscal 2023, and the adjusted gross profit margin not in accordance with US GAAP is approximately 39.0%; the tax rate is expected to be approximately -84%, not in accordance with US GAAP The tax rate is about 13%.

In terms of profit outlook, Intel expects earnings per share in the first quarter of fiscal 2023 to be about -$0.80, and adjusted earnings per share not in accordance with US GAAP are about -$0.15, which is far below analyst expectations. According to data provided by Yahoo Finance Channel, 29 analysts had expected Intel’s first-quarter adjusted earnings per share to reach $0.24 on average.

Stock price reaction:

On the same day, Intel’s stock price traded on Nasdaq In regular trading, it rose $0.39 to close at $30.09, an increase of 1.31%. In the subsequent after-hours trading as of 4:54 pm Eastern Time on the 26th (5:54 am Beijing Time on the 27th), Intel’s stock price fell sharply by US$2.49 to US$27.60, a drop of 8.28%. Over the past 52 weeks, Intel’s highest price was $52.51 and its lowest price was $24.59.

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