Intel's death spiral took another turn

Does this justify the widespread Intel bashing?

The latest Intel earnings release was another sharp and deeper turn into the company’s death spiral. On the surface, it is just a whole load of bad news, and the web has been vibrating with Intel bashing since the release.

So what are the facts?

From a revenue perspective, Intel was inside the guidance, but the $12.8B was less than the midpoint guidance of $13B.

The Gross Margin was a miss. Intel delivered 35.4% versus the guidance of 40.2%, resulting in a Gross Profit of $4.5B versus guidance of $5.2B midpoint guidance. While 700M$ less gross profit is significant, the context is that Intel is in a pickle; Intel has clearly stated that 2024 is not the recovery year.

An internal move of product between factories impacted the result negatively but will bring long term benefits - a sign Intel is now ready to make tough decisions.

David Zinsner, Intel's CFO, commented on the m…