Intel Reports Q3 2022 Earnings: Back To Profitability, But Still Painful
While always an interesting topic by default, corporate earnings reports in the tech industry have become especially important in the last few months, as the industry prepares to weather what’s expected to be the biggest downturn in demand in the last several years. Intel’s brutal Q2’22 report, which found the company losing money on a GAAP basis for the first time in 5 years, seems to have been a herald of things to come for the largest industry, with AMD and other companies since issuing earnings warnings ahead of their own Q3 reports. So as the first major tech company to publish their complete Q3’22 earnings report, Intel is once again likely to be a barometer of the tech industry’s performance over the past three months.
For the third quarter of 2022, Intel reported $15.3B in revenue, a $3.9B decline versus the year-ago quarter. Compared to Intel’s hash Q2 report, the company has returned to profitability, booking a cool billion dollars in net income, though this is still well below their historical norms. In fact, the company is still operating at a (GAAP) loss, booking an operating income of -$175M. For Q3 at least, it would appear that it’s Intel’s tax situation that’s pushing them into the black, with the company recording a $1.2B tax benefit.