US chipmaker Intel Corp's revenue fell 32% in the fourth quarter of 2022, according to its financial results statement released Thursday.
The company reported revenue of $14 billion in the October-December period, down from $20.5 billion in the same period of the previous year.
Intel said it forecasts revenue to come in at between $10.5 billion to $11.5 billion in the first quarter of this year.
The semiconductor manufacturer's full-year revenue for 2022 was $63.1 billion, down 20% from $79 billion in 2021.
It posted a net loss of $664 million in the fourth quarter, which was significantly down from $4.6 billion in the same period of the previous year.
For the full year of 2022, net income plummeted 60% to $8 billion from $19.9 billion in 2021.
CEO Pat Gelsinger pointed to "economic and market headwinds" during last year and said the company will try to "navigate the short-term challenges."
CFO David Zinsner said the firm has cost reduction targets of $3 billion for this year and aims to achieve $8 billion to $10 billion of cost reduction by the end of 2025.
Many companies in the tech industry have been struggling with financial hurdles due to the slowdown in the global economy and reducing their workforce.
In addition, the global chip crisis due to semiconductor shortages has had an impact on dozens of sectors around the world.
Intel said the coronavirus pandemic previously affected significant portions of its business and could have a material effect on its financial condition and results of operations.
"The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation and operational restrictions or disruptions such as the Shanghai port shutdowns. These measures have impacted and may further impact our workforce and operations, the operations of our customers and those of our respective vendors, suppliers and partners," it said in a forward-looking statement.
"Restrictions on our manufacturing or support operations or workforce, or similar limitations for our vendors and suppliers, can impact our ability to meet customer demand and could have a material adverse effect on us," it added.
Intel's stock price dove to $27.88 per share in after-hours trading for a 7.6% loss after closing Thursday's session at $30.09 a share.
