In the early morning of April 29th Beijing time, Intel Corp announced today the company's financial results for the first quarter of fiscal year 2022. According to the report, Intel Corp's revenue in the first quarter was $18.4 billion, down 7% from $19.7 billion in the same period last year, and net profit was $8.1 billion, up 141% from $3.4 billion in the same period last year. Adjusted net profit, which is not in accordance with US general accounting standards, was $3.6 billion, down 35 per cent from $5.5 billion in the same period last year.

Intel Corp's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, but second-quarter revenue and adjusted earnings per share outlook failed to meet expectations, causing its shares to tumble nearly 6 per cent after the day.

Main achievements:

Intel Corp's net profit for the quarter ended March 31 was $8.1 billion, up 141% from $3.4 billion a year earlier, and diluted earnings per share were $1.98, up 141% from $0.82 a year earlier.

Excluding some one-time items (not in accordance with US GAAP), Intel Corp's adjusted net income for the first quarter was $3.6 billion, down 35% from $5.5 billion a year earlier, and adjusted earnings per share was $0.87, down 35% from $1.34 a year earlier.

Intel Corp's revenue in the first quarter was $18.4 billion, down 7 per cent from $19.7 billion a year earlier. Not in accordance with US GAAP, Intel Corp's adjusted revenue in the first quarter was also $18.4 billion, down 1 per cent from $18.6 billion a year earlier.

Intel Corp's adjusted earnings per share and revenue exceeded Wall Street analysts' expectations in the first quarter. According to data provided by Yahoo Finance Channel, 33 analysts had expected Intel Corp's adjusted earnings per share to reach $0.80 in the first quarter, while 30 analysts had expected Intel Corp's revenue in the first quarter to reach $18.31 billion.

Intel Corp's first-quarter operating profit was $4.341 billion, compared with $3.694 billion a year earlier. Not in accordance with US GAAP, Intel Corp's adjusted operating profit in the first quarter was $4.241 billion, compared with $6.521 billion a year earlier.

Intel Corp's operating profit margin in the first quarter was 23.7%, up 4.9% from 18.8% a year earlier. Not in accordance with US GAAP, Intel Corp's adjusted operating profit margin in the first quarter was 23.1%, down 12 percentage points from 35.1% in the same period last year.

Intel Corp's first-quarter gross profit was $9.244 billion, compared with $10.854 billion a year earlier. Not in accordance with US general accounting standards, Intel Corp's adjusted gross profit for the first quarter was $9.745 billion, compared with $10.92 billion a year earlier.

Intel Corp's gross profit margin in the first quarter was 50.4%, down 4.8 percentage points from 55.2% in the same period last year. Not in accordance with US general accounting standards, Intel Corp's adjusted gross profit margin in the first quarter was 53.1%, down 5.7% from 58.8% in the same period last year.

Intel Corp's operating expenses (R & D, general and administrative expenses) were $6.1 billion in the first quarter, up 23% from $5 billion in the same period last year. Of this total, R & D expenditure was $4.362 billion, compared with $3.623 billion in the same period last year; marketing, general and administrative expenses were $1.752 billion, compared with $1.328 billion in the same period last year; and restructuring and other expenses were-$1.211 billion, compared with $2.209 billion in the same period last year. Not in accordance with US GAAP, Intel Corp's adjusted operating expenses for the first quarter were $5.5 billion, up 25 per cent from $4.4 billion a year earlier.

Intel Corp's tax rate in the first fiscal quarter was 16.0%, up 2.1 percentage points from 14.0% in the same period last year. Not in accordance with US GAAP, Intel Corp's adjusted tax rate in the first quarter was 12.9%, down 0.9 percentage points from 13.8% in the same period last year.

Performance of each department:

By department, Intel Corp customers calculated that the group's first-quarter net revenue was $9.294 billion, compared with $10.723 billion in the same period last year, down 13% from a year earlier; operating profit was $2.827 billion, compared with $4.288 billion in the same period last year. Of this total, revenue from the desktop business was $2.641 billion, compared with $2.77 billion a year earlier; revenue from the notebook business was $5.959 billion, compared with $6.956 billion a year earlier; and revenue from other businesses was $694 million, compared with $997 million a year earlier.

Intel Corp data center and artificial intelligence group's first-quarter revenue was $6.034 billion, compared with $4.94 billion a year earlier, up 22% from a year earlier, and its operating profit was $1.686 billion, compared with $1.706 billion a year earlier.

Intel Corp Network and Edge Group had revenue of $2.213 billion in the first quarter, compared with $1.799 billion a year earlier, an increase of 23%, and an operating profit of $366 million, compared with an operating profit of $243 million a year earlier.

Intel Corp's accelerated computing systems and graphics business unit had revenue of $219 million in the first quarter, compared with $181 million a year earlier, an increase of 21%, and an operating loss of $390 million, compared with an operating loss of $176 million a year earlier.

Revenue of Intel Corp's self-driving unit Mobileye was $394 million in the first quarter, compared with $377 million a year earlier, up 5% from a year earlier, and operating profit was $148 million, compared with $171 million a year earlier.

Intel Corp's contract manufacturing services division (Intel Foundry Services) had revenue of $283 million in the first quarter, compared with $103 million a year earlier, up 175% from a year earlier, and an operating loss of $31 million, compared with an operating loss of $34 million a year earlier.

Intel Corp's revenue from all other businesses in the first quarter was $67 million, compared with $1.724 billion a year earlier, and an operating loss of $265 million, compared with an operating loss of $2.504 billion in the same period a year earlier.

Performance outlook:

Intel Corp expects revenue in the second quarter of 2022 to reach about $18 billion, which is also about $18 billion after adjustment in accordance with GAAP, which is lower than analysts' expectations. The gross profit margin is about 48%. The adjusted gross profit margin that is not in accordance with GAAP is about 51%; the tax rate is about 4%, and the adjusted tax rate that is not in accordance with GAAP is about 12%. Earnings per share were about $0.50, while earnings per share, not in accordance with GAAP, were about $0.70, below analysts' expectations.

According to data provided by Yahoo Finance Channel, 30 analysts had expected Intel Corp's revenue in the second quarter of 2022 to reach 18.38 billion US dollars, while 33 analysts had expected Intel Corp to earn 83 cents a share in the second quarter of 2022.

Intel Corp also expects revenue for fiscal year 2022 to be about $76 billion, which is also about $76 billion after adjustment in accordance with GAAP, exceeding analysts' expectations; gross profit margin is about 49%; adjusted gross profit margin is about 52% without GAAP; tax rate is about 9%, and adjusted tax rate is about 12% without GAAP Earnings per share were about $4.19 per share, exceeding analysts' expectations of about $3.60 per share without GAAP; full-year capital expenditure is expected to reach $27 billion; adjusted free cash flow is expected to reach-$1 billion to-$2 billion.

According to data provided by Yahoo Finance Channel, 25 analysts had expected Intel Corp to earn an average of $75.78 billion in fiscal year 2022, while 26 analysts had expected Intel Corp to earn $3.50 per share in fiscal year 2022.

Edit / lambor