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 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. — (BUSINESS WIRE) — October 31, 2024 — 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

 

 

GAAP

 

Non-GAAP

 

 

Q3 2024

 

Q3 2023

 

vs. Q3 2023

 

Q3 2024

 

Q3 2023

 

vs. Q3 2023

Revenue ($B)

 

$13.3

 

$14.2

 

down 6%

 

 

 

 

 

 

Gross Margin

 

15.0%

 

42.5%

 

down 27.5 ppts

 

18.0%

 

45.8%

 

down 27.8 ppts

R&D and MG&A ($B)

 

$5.4

 

$5.2

 

up 4%

 

$4.8

 

$4.6

 

up 4%

Operating Margin

 

(68.2)%

 

(0.1)%

 

down 68.1 ppts

 

(17.8)%

 

13.6%

 

down 31.4 ppts

Tax Rate

 

(87.0)%

 

696.2%

 

n/m*

 

13.0%

 

13.0%

 

Net Income (loss) Attributable to Intel ($B)

 

$(16.6)

 

$0.3

 

n/m*

 

$(2.0)

 

$1.7

 

n/m*

Earnings (loss) Per Share Attributable to Intel

 

$(3.88)

 

$0.07

 

n/m*

 

$(0.46)

 

$0.41

 

n/m*


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