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 reported first-quarter results on Wednesday that showed a staggering 133% annual reduction in earnings per share. Revenue dropped nearly 36% year over year to $11.7 billion.Still, the loss per share and sales were slightly better than soft Wall Street expectations. The stock fluctuated in extended trading after initially rising on the report.related investing newsHere’s how Intel did versus Refinitiv consensus expectations:Loss per share: 4 cents per share, adjusted, versus 15 cents per share expectedRevenue: $11.7 billion, adjusted, versus $11.04 billion expectedFor the second quarter, Intel expects to lose 4 cents per share on revenue of $12 billion. That forecast is shy of analyst expectations for earnings of 1 cent per share on $11.75 billion in sales, according to Refinitiv.In the first quarter, Intel swung to a net loss of $2.8 billion, or 66 cents per share, from a net profit of $8.1 billion, or $1.98 per share, last year.Excluding the impact of inventory restructuring, a recent change to employee stock options and other acquisition-related charges, Intel said it lost 4 cents a share, which was a narrower loss than analyst had expected.Revenue decreased to $11.7 billion from $18.4 billion a year ago.It’s the fifth consecutive quarter of falling sales for the semiconductor giant and the second consecutive quarter of losses. It’s also Intel’s largest quarterly loss of all time, beating out the fourth quarter of 2017, when it lost $687 m …
