Intel Corp said on Thursday it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division."We stumbled, right, we lost share, we lost momentum. We think that stabilizes this year," Chief Executive Pat Gelsinger told investors on a conference call.
Intel expects profit margins to fall further after dropping from 58.4 per cent in the fourth quarter of 2020 to 43.8 per cent in the fourth quarter of 2022."Its safe to say that ambitions to return to a 60 per cent margin in the future is light years away," said CFRA Research analyst Angelo Zino.Intel reiterated its medium-term goal of 51-53 per cent gross margin, and 54-58 per cent longer term.
Meanwhile, the data center market has also slowed from double-digit growth as businesses cut costs to ride out an economic slowdown.
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