Next, earning reports of interest for us gamers is actually from the tech world and with this, we got to know how it went for chip maker Intel in the last three months and spoiler, it was a big bumpy road.
Intel claims that we are at the final stretch of the PC slums that the post-pandemic brought after limiting physical and direct social contact were no longer obligated.
Before diving into their claims, the company revealed that by Q2 2023, it made $12.9 billion or a minus 15% compared to last year and below Wall Street’s expectations with net income of $1.5 billion.
Despite numbers looking down and negative, for Intel it was a better situation that they actually expected and claims that it is just a matter of time as first, they are betting high on the Intel rebrand that we will stop calling Core brands with xth Gen and also, Intel expects that server chip sales won’t recover until the fourth quarter.
CEO Pat Gelsinger acknowledged that Cloud Computing providers are relying more on GPU rather than Computing Processing Units are making a dent on Intel’s opportunity on B2B, High Computing and Mission Critical sales.
As the situation doesn’t seem pretty, Wall Street surprisingly reacted positively with Intel rising 7% in value, pretty much because Intel showed themselves “with their feet on Earth” within the state of the market.