Intel Earnings ‘A Crime Scene,’ ‘Astonishingly Bad,’ ‘Historic Collapse’

Financial analysts and other market experts were in shock on Friday after Intel reported earnings that were the worst in two decades, with little to no warning that results would be so dismal.

The chip maker released its fourth-quarter and full-year 2022 numbers late Thursday after Wall Street’s closing bell.

And the outcomes were not pretty — so much so that investor Wasteland Capital went so far as to say this on Twitter: “An unprecedented sh*t-storm of bad decisions & execution. Rev down … margins at new lows, miss on everything, and catastrophic guide. WTF? What did they do to this iconic American business? Who is in charge here? It’s not an earnings release. It’s a crime scene.”

$INTC An unprecedented sh*t-storm of bad decisions & execution. Rev down 28% yoy, margins at new lows, miss on everything, and catastrophic guide. WTF? What did they do to this iconic American business? Who is in charge here? 😵

It’s not an earnings release. It’s a crime scene. pic.twitter.com/tRdPZ1KOYJ

— Wasteland Capital (@ecommerceshares) January 27, 2023

That reaction – and others – arose after Intel earnings for the fourth quarter showed a 32% year-over-year decline, down to $14 billion, and a net loss of $644 million. For the whole of 2022, Intel reported a 20% drop in revenue, falling to $63.1 billion.

And if you’re expecting things to get better for the January-March period, don’t hold your breath.

“[W]e’re expecting Q1 to be the most significant inventory decline at our customers that we’ve seen in recent history,” chief financial officer Dave Zinser told financial analysts on the fourth-quarter Intel earnings call on Thursday, according to a transcript from The Motley Fool.

See the slideshow above for all the numbers, analyst reactions and other observations on this latest round of Intel earnings.