The company had to cut its annual revenue forecast by 11 billion dollars, from 76 billion dollars to only 65 to 68 billion, which is a 13% decrease from 2021; Even in the current quarter, the company expects a significant miss of the forecasts with revenues of 15 billion dollars compared to previous expectations of almost 19.
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The declines in revenue came from almost all of the company’s divisions, with the two main ones – the chip division for computers and the chip division for servers – falling by 25% and 16%, respectively, to 7.7 and 4.6 billion dollars compared to 8.76 and 6.04 billion in the early forecasts. The only bright spot, and not a very comforting one, was the Israeli Mobileye, which increased by 41% to 460 million dollars – but as you can understand, this is a negligible amount compared to the others.