Intel reports largest quarterly loss in company history
Summary
Intel reports adjusted earnings and revenue, excluding a bunch of items including inventory restructuring, a recent change to employee stock options, and other acquisition-related charges. "We still have more work to do as we reestablish process, product, and cost leadership, but we continue to provide proof points each quarter," Gelsinger said on an earnings call. Intels Client Computing group, which includes the chips that power the majority of desktop and laptop Windows PCs, reported $5.8 billion in revenue, down 38% on an annual basis. Investors were glad to see Intels expanding gross margins, which the company said would be about 37.5% on a non-GAAP basis in the current quarter, which beat FactSet estimates. "Maybe the best way to describe it is I think for the back half of the year, we feel like well be comfortably in the 40s from a gross margin perspective," Intel CFO David Zinsner said on the call.
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