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Intel’s horrible quarter revealed an inventory glut and underused factories



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Intel CEO Pat Gelsinger, with U.S. President Joe Biden (not pictured), announces the tech firm’s plan to build a $20 billion plant in Ohio, from the South Court Auditorium on the White House campus in Washington, January 21, 2022.Jonathan Ernst | ReutersIntel’s December earnings showed significant declines in the company’s sales, profit, gross margin, and outlook, both for the quarter and the full year.Investors hated it, sending the stock over 9% lower in extended trading, despite the fact that Intel did not cut its dividend.related investing newsThe earnings report, which was the eighth under CEO Pat Gelsinger’s leadership, shows a legendary technology company struggling with many factors outside of its control, including a deeply slumping PC market. It also highlights some of Intel’s current issues with weak demand for its current products and inefficient internal performance, and underscores how precarious the company’s financial health has become.”Clearly, the financials aren’t what we would hoped,” Gelsinger told analysts.In short: Intel had a difficult 2022, and 2023 is shaping up to be tough as well.Here are some of the most concerning bits from Intel’s earnings report and analyst call:Weak and uncertain guidanceIntel didn’t give full-year guidance for 2023, citing economic uncertain …

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