Intel Corporation on Thursday reported its financial results for the first quarter of 2023, with a revenue of 11.7 billion U.S. dollars, down 36 percent year on year.

The company's Generally Accepted Accounting Principles (GAAP) quarter net loss was 2.8 billion dollars, as against a net income of 8.1 billion dollars year over year. Its non-GAAP quarter net loss was 0.2 billion dollars, as against a net income of 3.6 billion dollars a year ago.

Its first-quarter loss per share was 0.66 dollars, as against 1.98 dollars earnings per share year on year.

Intel previously announced the organizational change to integrate its Accelerated Computing Systems and Graphics Group into its Client Computing Group and Data Center and AI Group. This change is intended to drive a more effective go-to-market capability and to accelerate the scale of these businesses, while also reducing costs.

"We delivered solid first-quarter results, representing steady progress with our transformation," said Intel CEO Pat Gelsinger.

In Intel's guidance for the second quarter, the company's revenues will be in the range of 11.5-12.5 billion dollars.