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Intel suffered its largest-ever quarterly loss and said it would remain in the red as it prepares for the market recovering from the sharp fall in PC sales that hammered its business.

Intel

Chip maker is cutting costs while pursuing a pricey turnaround effort

Intel Corp. suffered its largest-ever quarterly loss and said it would remain in the red as it prepares for the market recovering from the sharp fall in personal-computer sales that hammered its business.

Sales fell to a level not seen since 2010. Intel on Thursday posted revenue of $11.7 billion for the first quarter, above estimates from analysts surveyed by FactSet. That marked a 36% decline from the prior-year period.

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