Intel Corporation released their official second quarter results this morning, with numbers that differed greatly from expectations. While it wasn’t all bad news, the end result was that for the first time in 21 years Intel has posted a quarterly loss.
The loss is due to the $1.45 billion dollar fine levied by the EC a few months ago which can be seen recorded into the calculations. Without this, Intel sailed past analysts predictions for revenue and profit, especially given the current economic turmoil and severe downturn in the technology sector.
The chip maker reported GAAP numbers with an operating loss of $12 million and a net loss of $398 million and a loss per share of 7 cents. However, they also posted a second-quarter revenue of $8.0 billion. Excluding the effects of the European Commission fine, the company had non-GAAP operating income of $1.4 billion, net income of $1.0 billion and EPS of 18 cents.
Previous quarter results had Intel with $ 7.1 Billion in revenue, operating income at $670 million and net income in the positive with $647 million.
“Intel’s second-quarter results reflect improving conditions in the PC market segment with our strongest first- to second-quarter growth since 1988 and a clear expectation for a seasonally stronger second half,” said Paul Otellini, Intel president and CEO. “Intel’s strategy of investing in new technologies and innovative products, combined with ongoing focus on operating efficiencies, continues to yield benefits that are evident in our strengthening financial performance.”
To read the complete earnings release, click here.