Semiconductor and microchip company Intel (INTC) has reported the biggest loss in the company’s 55-year history for this year’s first quarter.
Intel announced a 133% annual reduction in its earnings per share (EPS) and said that its revenue in Q1 fell 36% from a year earlier to $11.7 billion U.S.
Specifically, the company reported a loss per share -$0.04 U.S., which was actually better than the -$0.15 per share loss expected by analysts who cover the company.
Revenue of $11.70 billion U.S. was also better than the $11.04 billion forecast on Wall Street.
Looking ahead, Intel said that it expects to lose -$0.04 U.S. per share on revenue of $12 billion U.S. in the current second quarter.
This year’s first quarter marked the fifth consecutive quarter of falling sales for Intel and the second consecutive quarter of losses.
The company blamed the poor financial results on its ongoing efforts to turnaround the business and restructure Intel’s factories as foundries that are capable of making microchips for other companies.
Intel hopes that by 2026 it can manufacture chips as advanced as those made by TSMC (TSM) in Taiwan, and that it can compete for custom work like Apple’s (AAPL) A-series chips found in iPhones.
The stock of Intel has declined 36% in the last 12 months to trade at $29.86 U.S. per share.
