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Intel Reports Third-Quarter 2024 Financial Results

1. Q3 2024 revenue was $13.3 billion, down 6% year-over-year. 2. GAAP EPS attributable to Intel was $(3.88), reflecting restructuring charges. 3. Intel plans $10 billion cost reduction for 2025, expecting financial improvements. 4. Quarterly guidance for Q4 2024 predicts revenue of $13.3-$14.3 billion. 5. Intel is establishing Intel Foundry as a standalone subsidiary to enhance operations.

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FAQ

Why Bearish?

Despite cost-cutting plans, significant losses reported could deter investors.

How important is it?

The article reveals key financial losses and restructuring which could alter market perception.

Why Short Term?

Immediate losses and restructuring may impact investor confidence in the near term.

Related Companies

Intel Reports Third-Quarter 2024 Financial Results

NEWS SUMMARY

  • Third-quarter revenue of $13.3 billion.
  • Third-quarter GAAP earnings (loss) per share (EPS) attributable to Intel was $(3.88); non-GAAP EPS attributable to Intel was $(0.46).
  • $(3.89) impact to GAAP EPS attributable to Intel from $15.9 billion of impairment charges and $2.8 billion of restructuring charges; $(0.63) impact to non-GAAP EPS attributable to Intel from $3.1 billion of impairment charges.
  • Making significant progress on the plan to deliver $10 billion in cost reductions in 2025.
  • Forecasting fourth-quarter 2024 revenue of $13.3 billion to $14.3 billion; expecting fourth-quarter GAAP EPS attributable to Intel of $(0.24); non-GAAP EPS attributable to Intel of $0.12.

SANTA CLARA, Calif.--()--Intel Corporation today reported third-quarter 2024 financial results.

“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Pat Gelsinger, Intel CEO. “The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead.”

“Restructuring charges meaningfully impacted Q3 profitability as we took important steps toward our cost reduction goal,” said David Zinsner, Intel CFO. “The actions we took this quarter position us for improved profitability and enhanced liquidity as we continue to execute our strategy. We are encouraged by improved underlying trends, reflected in our Q4 guidance.”

Q3 2024 Financial Highlights

Revenue ($B)

 

$13.3

 

$14.2

 

down 6%

Gross Margin

 

15.0%

 

42.5%

 

down 27.5 ppts

R&D and MG&A ($B)

 

$5.4

 

$5.2

 

up 4%

In the third quarter, the company generated $4.1 billion in cash from operations and paid dividends of $0.5 billion.

*Not meaningful

Contacts

Kylie Altman
Investor Relations
1-916-356-0320
kylie.altman@intel.com

Sophie Won
Media Relations
1-408-653-0475
sophie.won@intel.com

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