Intel's first-quarter net income is down 41% year-on-year in 2021
Intel has released its latest Quarterly Results report, which covers its 2021 thus far and ended on March 27. Its generally-accepted-accounting-practices (GAAP) -generated results show that the quarter's total revenues (US$19.7 billion) are down by 1% YoY. This does not sound so bad - until one realises this is partly because the company posted 41% fewer net profits year-on-year in 1Q2021.
Intel's performance in the quarter could be said to have been dragged down by its data- and non-volatile storage-centric groups, whose revenues fell by 20% and 17% YoY respectively. Then agian, Intel asserts that its total revenues beat earlier projections to the tune of $1 billion, and points out that its computing-centric group is still going strong.
Furthermore, the chipmaking behemoth points out that it has made moves in 1Q2021 that might avoid a downward trend in subsequent reports. It was the quarter in which Intel released Ice Lake-based Xeon processors, not to mention Rocket Lake-S variants.
The company also did unveil its new "IDM 2.0" strategy to expand on and diversify its operations in the future. These tactics, which include plans to invest $20 billion in new facilities to be located in the US state of Arizona, are intended to address and possibly alleviate the current chip-supply crisis.