With revenue sliding some 22 percent year over year, Intel Corp. had to be pretty jazzed about the passage of Congress’ CHIPS Act funding Thursday.

In a statement, Intel CEP Pat Geisinger congratulated Congress on its action.

“This is a critical step to support the entire U.S. semiconductor industry and to help ensure continued American leadership in semiconductor manufacturing and R&D,” he said. “Congress has done its part, and now we are going to do ours. I’m excited to put shovels in the ground as Intel moves full speed ahead to start building in Ohio.”

Intel is also working on the expansion of a plant in Sandoval County just outside of Rio Rancho.

The Santa Clara-based tech giant reported second quarter revenue of $15.3 billion, down 22 percent year over year. In the announcement, Intel said the decline was caused largely by continued adverse market conditions. Earnings per share were $(0.11).

On the plus side, Network and Edge Group and Mobileye, had record quarterly revenue.

The results, Geisinger said, “were below the standards we have set for the company and our shareholders.

“We must and will do better,” he said. “The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues. We are being responsive to changing business conditions, working closely with our customers while remaining laser-focused on our strategy and long-term opportunities. We are embracing this challenging environment to accelerate our transformation.”

For the year, Intel estimates revenue of between $65 and $68 billion.