Intel, Samsung hammered as chips demand plummets

Intel on Thursday posted a massive fall in sales for the first quarter of 2023 because of a steep drop in the demand for semiconductors, especially those for PCs.

Rising prices, a global chip glut and poor demand for hardware also punished Intel's rival Samsung Electronics, which earlier on Thursday reported its worst quarterly profits in 14 years.

Intel's revenue fell 36% to $11.7 billion in the three-month period and the semiconductor giant posted a loss of $2.8 billion, its biggest ever for a quarter.

The loss and sales collapse were slightly less catas