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    Intel Reports Third-Quarter 2024 Financial Results

    10/31/24 4:01:00 PM ET
    $INTC
    Semiconductors
    Technology
    Get the next $INTC alert in real time by email

    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.

    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*

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

    *Not meaningful

    Q3 2024 Restructuring and Impairment Charges

    In the third quarter, the company made significant progress on its $10 billion cost reduction plan. The plan aims to drive operational efficiency and agility, accelerate profitable growth and create capacity for ongoing strategic investment in technology and manufacturing leadership. These initiatives include structural and operating realignment across the company, alongside reductions in headcount, operating expenses and capital expenditures. As a result of these actions, the company recognized $2.8 billion in restructuring charges in Q3 2024, $528 million of which are non-cash charges and $2.2 billion of which will be cash settled in the future.

    Intel's third quarter results were also materially impacted by the following charges:

    • $3.1 billion of charges, substantially all of which were recognized in cost of sales, related to non-cash impairments and the acceleration of depreciation for certain manufacturing assets, a substantial majority of which related to the Intel 7 process node, based upon an evaluation of current process technology node capacities relative to projected market demand for Intel products and services;
    • $2.9 billion of non-cash charges associated with the impairment of goodwill for certain reporting units – primarily the Mobileye reporting unit – as well as certain acquired intangible assets; and
    • $9.9 billion of non-cash charges related to the establishment of a valuation allowance against U.S. deferred tax assets.

    The restructuring charges of $2.8 billion and the asset impairment charges, including the allowance against our deferred tax assets, and accelerated depreciation of $15.9 billion increased GAAP loss per share attributable to Intel by $3.89. The restructuring charges, impairments of goodwill and intangible assets, and deferred tax asset valuation allowance had no impact on non-GAAP loss per share attributable to Intel. The impairment charges and accelerated depreciation for certain manufacturing assets of $3.1 billion increased GAAP and non-GAAP loss per share attributable to Intel by $0.57 and $0.63 per share, respectively. These charges were not incorporated into the guidance Intel provided for the third quarter of 2024.

    Business Unit Summary

    In October 2022, Intel announced an internal foundry operating model, which took effect in the first quarter of 2024 and created a foundry relationship between its Intel Products business (collectively CCG, DCAI and NEX) and its Intel Foundry business (including Foundry Technology Development, Foundry Manufacturing and Supply Chain and Foundry Services, formerly IFS). The foundry operating model is designed to reshape operational dynamics and drive greater transparency, accountability, and focus on costs and efficiency. In furtherance of Intel's internal foundry operating model, Intel announced in the third quarter of 2024 its intent to establish Intel Foundry as an independent subsidiary. The company also previously announced its intent to operate Altera® as a standalone business beginning in the first quarter of 2024. Altera was previously included in DCAI's segment results. As a result of these changes, the company modified its segment reporting in the first quarter of 2024 to align to this new operating model. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors its operating segment performance starting in fiscal year 2024. There are no changes to Intel's consolidated financial statements for any prior periods.

    Business Unit Revenue and Trends

     

    Q3 2024

     

    vs. Q3 2023

    Intel Products:

     

     

     

     

     

    Client Computing Group (CCG)

     

    $7.3 billion

     

    down

    7%

    Data Center and AI (DCAI)

     

    $3.3 billion

     

    up

    9%

    Network and Edge (NEX)

     

    $1.5 billion

     

    up

    4%

    Total Intel Products revenue

     

    $12.2 billion

     

    down

    2%

    Intel Foundry

     

    $4.4 billion

     

    down

    8%

    All other:

     

     

     

     

     

    Altera

     

    $412 million

     

    down

    44%

    Mobileye

     

    $485 million

     

    down

    8%

    Other

     

    $142 million

     

    down

    24%

    Total all other revenue

     

    $1,039 million

     

    down

    28%

    Intersegment eliminations

     

    $(4.3) billion

     

     

     

    Total net revenue

     

    $13.3 billion

     

    down

    6%

    Intel Products Highlights

    • Intel announced plans with AMD to create the x86 Ecosystem Advisory Group, bringing together leaders from across the industry to help shape the future of x86. The Ecosystem Advisory Group is focused on simplifying software development, ensuring interoperability and interface consistency across vendors and providing developers with standard architectural tools and instructions. Broadcom, Dell, Google, HPE, HP Inc., Lenovo, Meta, Microsoft, Oracle, Red Hat have signed on as founding members.
    • CCG: Intel continues to lead the AI PC category and is on track to ship more than 100 million AI PCs by the end of 2025. In September, Intel launched its Intel® Core™ Ultra 200V series processors, code-named Lunar Lake, delivering several more hours of battery life and gains in performance, graphics and AI. This month, Intel launched the new Intel® Core™ Ultra 200S processors, code-named Arrow Lake, that will scale AI PC capabilities to desktop platforms and usher in the first enthusiast desktop AI PCs.
    • DCAI: Intel launched Intel® Xeon®, doubling the performance of the prior generation with increased core counts, memory bandwidth, and embedded AI acceleration. Intel also launched its Intel® Gaudi® 3 AI accelerators, delivering twice the networking bandwidth and 1.5x the memory bandwidth of its predecessor for large language model efficiency. IBM and Intel announced a global collaboration to deploy Intel Gaudi 3 AI accelerators as a service on IBM Cloud, aiming to help more cost-effectively scale enterprise AI and drive innovation underpinned with security and resiliency.
    • NEX: Intel achieved a significant design win earlier this month with KDDI, a major global telecom, announcing its selection of Samsung's vRAN 3.0 solution powered by 4th Gen Intel® Xeon® Scalable processors with Intel vRAN Boost.

    Intel Foundry Highlights

    • Intel's fifth node in four years, Intel 18A, will complete a historic pace of design and process innovation, returning Intel to process leadership. Intel 18A is healthy and continues to progress well, and the company's two lead products, Panther Lake for client and Clearwater Forest for servers, have met early Intel 18A milestones ahead of next year's launches.
    • Intel and Amazon Web Services (AWS) are finalizing a multi-year, multi-billion-dollar commitment to expand the companies' existing partnership to include a new custom Xeon 6 chip for AWS on Intel 3 and a new AI fabric chip for AWS on Intel 18A.
    • The Biden-Harris Administration announced that Intel was awarded up to $3 billion in direct funding under the CHIPS and Science Act for the Secure Enclave program. The program is designed to expand the trusted manufacturing of leading-edge semiconductors for the U.S. government and fortify the domestic semiconductor supply chain.
    • Intel announced its intention to establish Intel Foundry as an independent subsidiary. This structure provides clearer separation for external foundry customers and suppliers between Intel Foundry and Intel Products. It also gives Intel future flexibility to evaluate independent sources of funding and optimize the capital structure of Intel Foundry and Intel Products.

    Business Outlook

    Intel's guidance for the fourth quarter of 2024 includes both GAAP and non-GAAP estimates as follows:

    Q4 2024

     

    GAAP

     

    Non-GAAP

    Revenue

     

    $13.3-14.3 billion

     

     

    Gross Margin

     

    36.5%

     

    39.5%

    Tax Rate

     

    (50)%

     

    13%

    Earnings (Loss) Per Share Attributable to Intel—Diluted

     

    $(0.24)

     

    $0.12

    Reconciliations between GAAP and non-GAAP financial measures are included below. Actual results may differ materially from Intel's business outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below. The gross margin and EPS outlook are based on the mid-point of the revenue range.

    Earnings Webcast

    Intel will hold a public webcast at 2 p.m. PDT today to discuss the results for its third quarter of 2024. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The corresponding earnings presentation and webcast replay will also be available on the site.

    Forward-Looking Statements

    This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would", and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:

    • our business plans and strategy and anticipated benefits therefrom, including with respect to our IDM 2.0 strategy, Smart Capital strategy, partnerships with Apollo and Brookfield, internal foundry model, updated reporting structure, and AI strategy;
    • projections of our future financial performance, including future revenue, gross margins, capital expenditures, and cash flows;
    • projected costs and yield trends;
    • future cash requirements, the availability, uses, sufficiency, and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, such as stock repurchases and dividends, and credit ratings expectations;
    • future products, services, and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation, and benefits of such products, services, and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics, and expectations regarding product and process leadership;
    • investment plans and impacts of investment plans, including in the US and abroad;
    • internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
    • future production capacity and product supply;
    • supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
    • plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology, and IP offerings;
    • expected timing and impact of acquisitions, divestitures, and other significant transactions, including the sale of our NAND memory business;
    • expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;
    • future social and environmental performance goals, measures, strategies, and results;
    • our anticipated growth, future market share, and trends in our businesses and operations;
    • projected growth and trends in markets relevant to our businesses;
    • anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages, and constraints;
    • expectations regarding government incentives;
    • future technology trends and developments, such as AI;
    • future macro environmental and economic conditions;
    • geopolitical tensions and conflicts and their potential impact on our business;
    • tax- and accounting-related expectations;
    • expectations regarding our relationships with certain sanctioned parties; and
    • other characterizations of future events or circumstances.

    Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

    • the high level of competition and rapid technological change in our industry;
    • the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
    • the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
    • our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;
    • implementing new business strategies and investing in new businesses and technologies;
    • changes in demand for our products;
    • macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;
    • the evolving market for products with AI capabilities;
    • our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;
    • product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
    • potential security vulnerabilities in our products;
    • increasing and evolving cybersecurity threats and privacy risks;
    • IP risks including related litigation and regulatory proceedings;
    • the need to attract, retain, and motivate key talent;
    • strategic transactions and investments;
    • sales-related risks, including customer concentration and the use of distributors and other third parties;
    • our significantly reduced return of capital in recent years;
    • our debt obligations and our ability to access sources of capital;
    • complex and evolving laws and regulations across many jurisdictions;
    • fluctuations in currency exchange rates;
    • changes in our effective tax rate;
    • catastrophic events;
    • environmental, health, safety, and product regulations;
    • our initiatives and new legal requirements with respect to corporate responsibility matters; and
    • other risks and uncertainties described in this release, our 2023 Form 10-K, and our other filings with the SEC.

    Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

    Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

    About Intel

    Intel (NASDAQ:INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel's innovations, go to newsroom.intel.com and intel.com.

    © Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

    Intel Corporation

    Consolidated Condensed Statements of Income and Other Information

     

     

     

    Three Months Ended

    (In Millions, Except Per Share Amounts; Unaudited)

     

    Sep 28, 2024

     

    Sep 30, 2023

    Net revenue

     

    $

    13,284

     

     

    $

    14,158

     

    Cost of sales

     

     

    11,287

     

     

     

    8,140

     

    Gross margin

     

     

    1,997

     

     

     

    6,018

     

    Research and development

     

     

    4,049

     

     

     

    3,870

     

    Marketing, general, and administrative

     

     

    1,383

     

     

     

    1,340

     

    Restructuring and other charges

     

     

    5,622

     

     

     

    816

     

    Operating expenses

     

     

    11,054

     

     

     

    6,026

     

    Operating income (loss)

     

     

    (9,057

    )

     

     

    (8

    )

    Gains (losses) on equity investments, net

     

     

    (159

    )

     

     

    (191

    )

    Interest and other, net

     

     

    130

     

     

     

    147

     

    Income (loss) before taxes

     

     

    (9,086

    )

     

     

    (52

    )

    Provision for (benefit from) taxes

     

     

    7,903

     

     

     

    (362

    )

    Net income (loss)

     

     

    (16,989

    )

     

     

    310

     

    Less: net income (loss) attributable to non-controlling interests

     

     

    (350

    )

     

     

    13

     

    Net income (loss) attributable to Intel

     

    $

    (16,639

    )

     

    $

    297

     

    Earnings (loss) per share attributable to Intel—basic

     

    $

    (3.88

    )

     

    $

    0.07

     

    Earnings (loss) per share attributable to Intel—diluted

     

    $

    (3.88

    )

     

    $

    0.07

     

     

     

     

     

     

    Weighted average shares of common stock outstanding:

     

     

     

     

    Basic

     

     

    4,292

     

     

     

    4,202

     

    Diluted

     

     

    4,292

     

     

     

    4,229

     

     

     

     

     

     

     

     

    Three Months Ended

    (In Millions; Unaudited)

     

    Sep 28, 2024

     

    Sep 30, 2023

    Earnings per share of common stock information:

     

     

     

     

    Weighted average shares of common stock outstanding—basic

     

     

    4,292

     

     

     

    4,202

     

    Dilutive effect of employee equity incentive plans

     

     

    —

     

     

     

    27

     

    Weighted average shares of common stock outstanding—diluted

     

     

    4,292

     

     

     

    4,229

     

     

     

     

     

     

    Other information:

     

     

     

     

     

     

    (In Thousands; Unaudited)

     

    Sep 28, 2024

     

    Jun 29, 2024

     

    Sep 30, 2023

    Employees

     

     

     

     

     

     

    Intel

     

    115.0

     

    116.5

     

    116.6

    Mobileye and other subsidiaries

     

    5.4

     

    5.3

     

    4.8

    NAND1

     

    3.7

     

    3.5

     

    3.8

    Total Intel

     

    124.1

     

    125.3

     

    125.2

     

     

     

     

     

     

     

    1 Employees of the NAND memory business, which we divested to SK hynix on completion of the first closing on December 29, 2021 and fully deconsolidated in Q1 2022. Upon completion of the second closing of the divestiture, which remains pending and subject to closing conditions, the NAND employees will be excluded from the total Intel employee number.

    Intel Corporation

    Consolidated Condensed Balance Sheets

     

    (In Millions; Unaudited)

     

    Sep 28, 2024

     

    Dec 30, 2023

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    8,785

     

     

    $

    7,079

     

    Short-term investments

     

     

    15,301

     

     

     

    17,955

     

    Accounts receivable, net

     

     

    3,121

     

     

     

    3,402

     

    Inventories

     

     

     

     

    Raw materials

     

     

    1,434

     

     

     

    1,166

     

    Work in process

     

     

    6,971

     

     

     

    6,203

     

    Finished goods

     

     

    3,657

     

     

     

    3,758

     

     

     

     

    12,062

     

     

     

    11,127

     

    Other current assets

     

     

    6,868

     

     

     

    3,706

     

    Total current assets

     

     

    46,137

     

     

     

    43,269

     

     

     

     

     

     

    Property, plant, and equipment, net

     

     

    104,248

     

     

     

    96,647

     

    Equity investments

     

     

    5,496

     

     

     

    5,829

     

    Goodwill

     

     

    24,680

     

     

     

    27,591

     

    Identified intangible assets, net

     

     

    3,975

     

     

     

    4,589

     

    Other long-term assets

     

     

    9,006

     

     

     

    13,647

     

    Total assets

     

    $

    193,542

     

     

    $

    191,572

     

     

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

     

    11,074

     

     

     

    8,578

     

    Accrued compensation and benefits

     

     

    5,015

     

     

     

    3,655

     

    Short-term debt

     

     

    3,765

     

     

     

    2,288

     

    Income taxes payable

     

     

    2,440

     

     

     

    1,107

     

    Other accrued liabilities

     

     

    12,865

     

     

     

    12,425

     

    Total current liabilities

     

     

    35,159

     

     

     

    28,053

     

     

     

     

     

     

    Debt

     

     

    46,471

     

     

     

    46,978

     

    Other long-term liabilities

     

     

    7,048

     

     

     

    6,576

     

    Stockholders' equity:

     

     

     

     

    Common stock and capital in excess of par value, 4,309 issued and outstanding (4,228 issued and outstanding as of December 30, 2023)

     

     

    50,665

     

     

     

    36,649

     

    Accumulated other comprehensive income (loss)

     

     

    (185

    )

     

     

    (215

    )

    Retained earnings

     

     

    49,052

     

     

     

    69,156

     

    Total Intel stockholders' equity

     

     

    99,532

     

     

     

    105,590

     

    Non-controlling interests

     

     

    5,332

     

     

     

    4,375

     

    Total stockholders' equity

     

     

    104,864

     

     

     

    109,965

     

    Total liabilities and stockholders' equity

     

    $

    193,542

     

     

    $

    191,572

     

    Intel Corporation

    Consolidated Condensed Statements of Cash Flows

     

     

     

    Nine Months Ended

    (In Millions; Unaudited)

     

    Sep 28, 2024

     

    Sep 30, 2023

     

     

     

     

     

    Cash and cash equivalents, beginning of period

     

    $

    7,079

     

     

    $

    11,144

     

    Cash flows provided by (used for) operating activities:

     

     

     

     

    Net income (loss)

     

     

    (19,080

    )

     

     

    (985

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

     

    Depreciation

     

     

    7,651

     

     

     

    5,753

     

    Share-based compensation

     

     

    2,759

     

     

     

    2,433

     

    Restructuring and other charges

     

     

    3,626

     

     

     

    718

     

    Amortization of intangibles

     

     

    1,081

     

     

     

    1,336

     

    (Gains) losses on equity investments, net

     

     

    75

     

     

     

    47

     

    Deferred taxes

     

     

    6,368

     

     

     

    (1,376

    )

    Impairments and net (gain) loss on retirement of property, plant, and equipment

     

     

    2,290

     

     

     

    (87

    )

    Changes in assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    282

     

     

     

    1,290

     

    Inventories

     

     

    (969

    )

     

     

    1,758

     

    Accounts payable

     

     

    566

     

     

     

    (1,082

    )

    Accrued compensation and benefits

     

     

    1,384

     

     

     

    (1,171

    )

    Income taxes

     

     

    (930

    )

     

     

    (1,300

    )

    Other assets and liabilities

     

     

    20

     

     

     

    (487

    )

    Total adjustments

     

     

    24,203

     

     

     

    7,832

     

    Net cash provided by (used for) operating activities

     

     

    5,123

     

     

     

    6,847

     

    Cash flows provided by (used for) investing activities:

     

     

     

     

    Additions to property, plant, and equipment

     

     

    (18,110

    )

     

     

    (19,054

    )

    Proceeds from capital-related government incentives

     

     

    725

     

     

     

    649

     

    Purchases of short-term investments

     

     

    (31,519

    )

     

     

    (37,287

    )

    Maturities and sales of short-term investments

     

     

    34,268

     

     

     

    36,725

     

    Other investing

     

     

    144

     

     

     

    244

     

    Net cash provided by (used for) investing activities

     

     

    (14,492

    )

     

     

    (18,723

    )

    Cash flows provided by (used for) financing activities:

     

     

     

     

    Issuance of commercial paper, net of issuance costs

     

     

    7,349

     

     

     

    —

     

    Repayment of commercial paper

     

     

    (7,349

    )

     

     

    (3,944

    )

    Payments on finance leases

     

     

    —

     

     

     

    (96

    )

    Partner contributions

     

     

    12,278

     

     

     

    1,106

     

    Proceeds from sales of subsidiary shares

     

     

    —

     

     

     

    2,423

     

    Issuance of long-term debt, net of issuance costs

     

     

    2,975

     

     

     

    11,391

     

    Repayment of debt

     

     

    (2,288

    )

     

     

    (423

    )

    Proceeds from sales of common stock through employee equity incentive plans

     

     

    986

     

     

     

    1,037

     

    Payment of dividends to stockholders

     

     

    (1,599

    )

     

     

    (2,561

    )

    Other financing

     

     

    (1,277

    )

     

     

    (580

    )

    Net cash provided by (used for) financing activities

     

     

    11,075

     

     

     

    8,353

     

    Net increase (decrease) in cash and cash equivalents

     

     

    1,706

     

     

     

    (3,523

    )

    Cash and cash equivalents, end of period

     

    $

    8,785

     

     

    $

    7,621

     

    Intel Corporation

    Supplemental Operating Segment Results

     

     

     

    Three Months Ended

    (In Millions)

     

    Sep 28, 2024

     

    Sep 30, 2023

    Operating segment revenue:

     

     

     

     

    Intel Products:

     

     

     

     

    Client Computing Group

     

     

     

     

    Desktop

     

    $

    2,070

     

     

    $

    2,753

     

    Notebook

     

     

    4,888

     

     

     

    4,503

     

    Other

     

     

    372

     

     

     

    611

     

     

     

     

    7,330

     

     

     

    7,867

     

    Data Center and AI

     

     

    3,349

     

     

     

    3,076

     

    Network and Edge

     

     

    1,511

     

     

     

    1,450

     

    Total Intel Products revenue

     

    $

    12,190

     

     

    $

    12,393

     

     

     

     

     

     

    Intel Foundry

     

    $

    4,352

     

     

    $

    4,732

     

    All other

     

     

     

     

    Altera

     

     

    412

     

     

     

    735

     

    Mobileye

     

     

    485

     

     

     

    530

     

    Other

     

     

    142

     

     

     

    187

     

    Total all other revenue

     

     

    1,039

     

     

     

    1,452

     

    Total operating segment revenue

     

    $

    17,581

     

     

    $

    18,577

     

    Intersegment eliminations

     

     

    (4,297

    )

     

     

    (4,419

    )

    Total net revenue

     

    $

    13,284

     

     

    $

    14,158

     

     

     

     

     

     

    Segment operating income (loss):

     

     

     

     

    Intel Products:

     

     

     

     

    Client Computing Group

     

    $

    2,722

     

     

    $

    2,780

     

    Data Center and AI

     

     

    347

     

     

     

    391

     

    Network and Edge

     

     

    268

     

     

     

    100

     

    Total Intel Products operating income (loss)

     

    $

    3,337

     

     

    $

    3,271

     

     

     

     

     

     

    Intel Foundry

     

    $

    (5,844

    )

     

    $

    (1,407

    )

    All Other

     

     

     

     

    Altera

     

     

    9

     

     

     

    263

     

    Mobileye

     

     

    78

     

     

     

    170

     

    Other

     

     

    (42

    )

     

     

    (198

    )

    Total all other operating income (loss)

     

    $

    45

     

     

    $

    235

     

    Total segment operating income (loss)

     

    $

    (2,462

    )

     

    $

    2,099

     

    Intersegment eliminations

     

     

    (79

    )

     

     

    5

     

    Corporate unallocated expenses

     

     

    (6,516

    )

     

     

    (2,112

    )

    Total operating income (loss)

     

    $

    (9,057

    )

     

    $

    (8

    )

    For information about our operating segments, including the nature of segment revenues and expenses, and a reconciliation of our operating segment revenue and operating income (loss) to our consolidated results, refer to our Form 10-K filed on January 26, 2024, Form 8-K furnished on April 2, 2024 and 10-Q filed on October 31, 2024.

    Intel Corporation

    Explanation of Non-GAAP Measures

    In addition to disclosing financial results in accordance with US GAAP, this document contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. These non-GAAP financial measures are used in our performance-based RSUs and our cash bonus plans.

    Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related effects to income taxes and net income (loss) attributable to non-controlling interests effects. Income tax effects are calculated using a fixed long-term projected tax rate of 13% across all adjustments. We project this long-term non-GAAP tax rate on at least an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. The projected non-GAAP tax rate also considers factors such as our tax structure, our tax positions in various jurisdictions, and key legislation in significant jurisdictions where we operate. This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. Management uses this non-GAAP tax rate in managing internal short- and long-term operating plans and in evaluating our performance; we believe this approach facilitates comparison of our operating results and provides useful evaluation of our current operating performance. Non-GAAP adjustments attributable to non-controlling interests are calculated by adjusting for the minority stockholder portion of non-GAAP adjustments we make for relevant acquisition-related costs, share-based compensation, restructuring and other charges, and income tax effects, as applicable to each majority-owned subsidiary.

    Our non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial results calculated in accordance with US GAAP and reconciliations from these results should be carefully evaluated.

    Non-GAAP adjustment or measure

    Definition

    Usefulness to management and investors

    Acquisition-related adjustments

    Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology, brands, and customer relationships acquired in connection with business combinations. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years.

    We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends.

    Share-based compensation

    Share-based compensation consists of charges related to our employee equity incentive plans.

    We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies.

    Restructuring and other charges

    Restructuring charges are costs associated with a restructuring plan and are primarily related to employee severance and benefit arrangements. Q3 2024 includes charges associated with the 2024 Restructuring Plan primarily comprised of cash-based employee severance and benefit arrangements, and cash and non-cash charges related to real estate exits and consolidations, as well as non-cash construction in progress asset impairments resulting from business exit activities. Other charges include periodic goodwill and asset impairments, and other costs associated with certain non-core activities. Q3 2024 includes non-cash charges resulting from the impairment of goodwill and certain acquired intangible assets. Q3 2023 includes two legal related fees, which we do not expect to recur, relating to an EC-imposed fine and a termination fee relating to Tower.

    We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.

    (Gains) losses on equity investments, net

    (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the gains (losses) from the sale of equity investments and other.

    We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides comparability between periods. The exclusion reflects how management evaluates the core operations of the business.

    (Gains) losses from divestiture

    (Gains) losses are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement entered into in connection with the first closing of the sale of our NAND memory business on December 29, 2021, a portion of the initial closing consideration was deferred and will be recognized between first and second closing.

    We exclude gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results.

    Deferred tax assets valuation allowances

    A non-cash charge recorded to provision for (benefit from) income taxes related to a discreet valuation allowance recorded against our US deferred tax assets.

    We excluded a discrete non-cash charge in Q3 2024 related to a valuation allowance established against our US deferred tax assets due to a historical cumulative loss for GAAP purposes. We excluded the discreet valuation allowance when calculating certain non-GAAP measures as there is no such historical cumulative loss on a non-GAAP basis; and because of the size of the charge, the adjustment facilitates a useful evaluation of our core operating performance and comparisons to our past operating results.

    Adjusted free cash flow

    We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. Adjusted free cash flow is operating cash flow adjusted for (1) purchases of property, plant, and equipment, including purchases where the vendor has extended payment terms to us, net of proceeds from capital-related government incentives and partner contributions, and (2) payments on finance leases.

    This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business.

    Net capital spending

    We reference a non-GAAP financial measure of net capital spending, which is additions to property, plant, and equipment, net of proceeds from capital-related government incentives and partner contributions.

    We believe this measure provides investors with useful supplemental information about our capital investment activities and capital offsets, and allows for greater transparency with respect to a key metric used by management in operating our business and measuring our performance.

    Intel Corporation

    Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals

    Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations from US GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

     

     

    Three Months Ended

    (In Millions, Except Per Share Amounts)

     

    Sep 28, 2024

     

    Sep 30, 2023

    GAAP gross margin

     

    $

    1,997

     

     

    $

    6,018

     

    Acquisition-related adjustments

     

     

    224

     

     

     

    301

     

    Share-based compensation

     

     

    172

     

     

     

    164

     

    Non-GAAP gross margin

     

    $

    2,393

     

     

    $

    6,483

     

    GAAP gross margin percentage

     

     

    15.0

    %

     

     

    42.5

    %

    Acquisition-related adjustments

     

     

    1.7

    %

     

     

    2.1

    %

    Share-based compensation

     

     

    1.3

    %

     

     

    1.2

    %

    Non-GAAP gross margin percentage

     

     

    18.0

    %

     

     

    45.8

    %

    GAAP R&D and MG&A

     

    $

    5,432

     

     

    $

    5,210

     

    Acquisition-related adjustments

     

     

    (42

    )

     

     

    (43

    )

    Share-based compensation

     

     

    (628

    )

     

     

    (608

    )

    Non-GAAP R&D and MG&A

     

    $

    4,762

     

     

    $

    4,559

     

    GAAP operating income (loss)

     

    $

    (9,057

    )

     

    $

    (8

    )

    Acquisition-related adjustments

     

     

    266

     

     

     

    344

     

    Share-based compensation

     

     

    800

     

     

     

    772

     

    Restructuring and other charges

     

     

    5,622

     

     

     

    816

     

    Non-GAAP operating income (loss)

     

    $

    (2,369

    )

     

    $

    1,924

     

    GAAP operating margin

     

     

    (68.2

    )%

     

     

    (0.1

    )%

    Acquisition-related adjustments

     

     

    2.0

    %

     

     

    2.4

    %

    Share-based compensation

     

     

    6.0

    %

     

     

    5.5

    %

    Restructuring and other charges

     

     

    42.3

    %

     

     

    5.8

    %

    Non-GAAP operating margin

     

     

    (17.8

    )%

     

     

    13.6

    %

    GAAP tax rate

     

     

    (87.0

    )%

     

     

    696.2

    %

    Deferred tax assets valuation allowance

     

     

    121.0

    %

     

     

    —

    %

    Income tax effects

     

     

    (21.0

    )%

     

     

    (683.2

    )%

    Non-GAAP tax rate

     

     

    13.0

    %

     

     

    13.0

    %

    GAAP net income (loss) attributable to Intel

     

    $

    (16,639

    )

     

    $

    297

     

    Acquisition-related adjustments

     

     

    266

     

     

     

    344

     

    Share-based compensation

     

     

    800

     

     

     

    772

     

    Restructuring and other charges

     

     

    5,622

     

     

     

    816

     

    (Gains) losses on equity investments, net

     

     

    159

     

     

     

    191

     

    (Gains) losses from divestiture

     

     

    (39

    )

     

     

    (36

    )

    Adjustments attributable to non-controlling interest

     

     

    (344

    )

     

     

    (18

    )

    Deferred tax assets valuation allowances

     

     

    9,925

     

     

     

    —

     

    Income tax effects

     

     

    (1,726

    )

     

     

    (627

    )

    Non-GAAP net income (loss) attributable to Intel

     

    $

    (1,976

    )

     

    $

    1,739

     

     

     

     

     

     

    (In Millions, Except Per Share Amounts)

     

    Sep 28, 2024

     

    Sep 30, 2023

    GAAP earnings (loss) per share attributable to Intel—diluted

     

    $

    (3.88

    )

     

    $

    0.07

     

    Acquisition-related adjustments

     

     

    0.06

     

     

     

    0.08

     

    Share-based compensation

     

     

    0.19

     

     

     

    0.18

     

    Restructuring and other charges

     

     

    1.31

     

     

     

    0.19

     

    (Gains) losses on equity investments, net

     

     

    0.04

     

     

     

    0.05

     

    (Gains) losses from divestiture

     

     

    (0.01

    )

     

     

    (0.01

    )

    Adjustments attributable to non-controlling interest

     

     

    (0.08

    )

     

     

    —

     

    Deferred tax assets valuation allowance

     

     

    2.31

     

     

     

    —

     

    Income tax effects

     

     

    (0.40

    )

     

     

    (0.15

    )

    Non-GAAP earnings (loss) per share attributable to Intel—diluted

     

    $

    (0.46

    )

     

    $

    0.41

     

     

     

     

     

     

    GAAP net cash provided by (used for) operating activities

     

    $

    4,054

     

     

    $

    5,824

     

    Net purchase of property, plant, and equipment

     

     

    (6,756

    )

     

     

    (4,881

    )

    Payments on finance leases

     

     

    —

     

     

     

    —

     

    Adjusted free cash flow

     

    $

    (2,702

    )

     

    $

    943

     

    GAAP net cash provided by (used for) investing activities

     

    $

    (2,764

    )

     

    $

    (7,394

    )

    GAAP net cash provided by (used for) financing activities

     

    $

    (3,792

    )

     

    $

    842

     

    Intel Corporation

    Supplemental Reconciliations of GAAP Outlook to Non-GAAP Outlook

    Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial outlook prepared in accordance with US GAAP and the reconciliations from this Business Outlook should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

     

     

    Q4 2024 Outlook1

     

     

    Approximately

    GAAP gross margin percentage

     

     

    36.5

    %

    Acquisition-related adjustments

     

     

    1.6

    %

    Share-based compensation

     

     

    1.4

    %

    Non-GAAP gross margin percentage

     

     

    39.5

    %

     

     

     

    GAAP tax rate

     

     

    (50

    )%

    Income tax effects

     

     

    63

    %

    Non-GAAP tax rate

     

     

    13

    %

     

     

     

    GAAP earnings (loss) per share attributable to Intel—diluted

     

    $

    (0.24

    )

    Acquisition-related adjustments

     

     

    0.06

     

    Share-based compensation

     

     

    0.17

     

    Restructuring and other charges

     

     

    0.08

     

    (Gains) losses from divestiture

     

     

    (0.01

    )

    Adjustments attributable to non-controlling interest

     

     

    —

     

    Income tax effects

     

     

    0.06

     

    Non-GAAP earnings (loss) per share attributable to Intel—diluted

     

    $

    0.12

     

    1 Non-GAAP gross margin percentage and non-GAAP EPS outlook based on the mid-point of the revenue range.

    Intel Corporation

    Supplemental Reconciliations of Other GAAP to Non-GAAP Forward-Looking Estimates

    Set forth below are reconciliations of the non-GAAP financial measure to the most directly comparable US GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the reconciliations should be carefully evaluated. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

    (In Billions)

     

    Full-Year 2024

     

    Full-Year 2025

     

     

    Approximately

     

    Approximately

     

     

     

     

     

    GAAP additions to property, plant and equipment (gross capital expenditures)

     

    $

    25.0

     

     

    $20.0 - $23.0

    Proceeds from capital-related government incentives

     

     

    (1.0

    )

     

    (4.0 - 6.0)

    Partner contributions, net

     

     

    (13.0

    )

     

    (4.0 - 5.0)

    Non-GAAP net capital spending

     

    $

    11.0

     

     

    $12.0 - $14.0

     

     

     

     

     

    GAAP R&D and MG&A

     

     

     

    $

    20.0

     

    Acquisition-related adjustments

     

     

     

     

    (0.1

    )

    Share-based compensation

     

     

     

     

    (2.4

    )

    Non-GAAP R&D and MG&A

     

     

     

    $

    17.5

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241031830925/en/

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    4/25/2025$22.00 → $21.00Neutral
    UBS
    4/25/2025$25.00 → $22.00Equal Weight
    Wells Fargo
    4/25/2025$18.00 → $14.00Sell
    Rosenblatt
    4/25/2025$25.00 → $23.00Equal-Weight
    Morgan Stanley
    4/25/2025$23.00 → $20.00Underweight
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    • ISS and Glass Lewis Join ADL and JLens in Recommending AGAINST Anti-Israel Shareholder Proposals at Intel, General Dynamics and Lockheed Martin

      Reiterates Call for Shareholders to Reject Proposals Motivated by Antisemitic Boycott, Divestment and Sanctions (BDS) Movement ADL (Anti-Defamation League) and its affiliate, Jlens, welcome the decisions of the two leading independent proxy advisory firms, Institutional Shareholder Services ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), to recommend that investors vote AGAINST anti-Israel shareholder proposals at the upcoming annual meetings of Intel Corporation (NASDAQ:INTC), General Dynamics (NYSE:GD) and Lockheed Martin Corporation (NYSE:LMT). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250505942003/en/ ADL and its Regist

      5/5/25 8:00:00 AM ET
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    • Intel Appoints Lip-Bu Tan as Chief Executive Officer

      Tan to join Intel board of directors Intel Corporation (NASDAQ:INTC) today announced that its board of directors has appointed Lip-Bu Tan, an accomplished technology leader with deep semiconductor industry experience, as chief executive officer, effective March 18. He succeeds Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Tan will also rejoin the Intel board of directors after stepping down from the board in August 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250312399008/en/Lip-Bu Tan was appointed chief executive officer of Intel Corporation in March 2025. He also serves on the company's board of d

      3/12/25 4:15:00 PM ET
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    • Intel Appoints Asma Aziz as Canada General Manager

      TORONTO, Feb. 6, 2025 /CNW/ - Today, Intel Corporation announced the appointment of Asma Aziz to the position of General Manager for Intel Canada. As a tech industry veteran, Asma brings a wealth of international experience fulfilling various senior marketing and sales positions. With a five-country career spanning across Asia and Americas at Intel, Asma brings a proven track record of driving transformative business growth strategies, fostering high-performance motivated teams, forging impactful partnerships, and delivering results. Prior to her appointment as General Manager for Intel Canada, Asma was leading Marketing for the America's Territories and served as the Interim Regional Chief

      2/6/25 2:31:00 PM ET
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    • Mobileye Announces Participation in Upcoming Second Quarter 2025 Investor Conferences

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") announced today that it is scheduled to participate in the following upcoming investor events in the second quarter of 2025. Mizuho Technology Conference, June 10, 2025 Deutsche Bank's Global Auto Industry Conference, June 11, 2025 Mobileye plans to webcast its "fireside chats" when possible, with exact time to be posted closer to the event. For more information on and to register for and access the webcasts, please visit the "Events & Presentations" section of Mobileye's investor relations (IR) site at https://ir.mobileye.com/. Please note that event participation and specific dates are subject to change. Any additional events will be

      5/19/25 8:00:00 AM ET
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    • Computex 2025: Intel Unveils New GPUs for AI and Workstations

      Company extends the Intel Arc Pro GPU lineup to prosumers and AI developers, and announces Intel Gaudi 3 AI accelerator availability via rack scale and PCIe deployments. Today at Computex 2025, Intel unveils a new lineup of graphics processing units (GPUs) and AI accelerators designed for professionals and developers. Intel's announcements include: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250519565090/en/On May 19, 2025, in advance of Computex, Intel launches Arc Pro B60 and B50 graphics processing units for workstations and AI inference, expanding the Arc Pro family with larger memory configurations and expanded software

      5/19/25 6:30:00 AM ET
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    • Intel Corporation to Participate in Upcoming Investor Conference

      Intel Corporation today announced that David Zinsner, executive vice president and chief financial officer, will participate in a fireside chat on Intel's business and financial strategy at the J.P. Morgan Global Technology, Media and Communications Conference on May 13 at 7:10 a.m. PDT. A live webcast and replay can be accessed publicly on Intel's Investor Relations website at intc.com. Intel's participation, speakers and schedule are subject to change. About Intel Intel (NASDAQ:INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semicond

      5/12/25 9:00:00 AM ET
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    Insider Trading

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    • Director Yeary Frank D converted options into 35,146 shares, increasing direct ownership by 4,339% to 35,956 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      5/8/25 5:25:47 PM ET
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    • Director Weisler Dion J converted options into 11,364 shares and covered exercise/tax liability with 3,410 shares, increasing direct ownership by 18% to 53,289 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      5/8/25 5:23:22 PM ET
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    • Director Smith Stacy J converted options into 10,068 shares, increasing direct ownership by 1,006% to 11,069 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      5/8/25 5:22:20 PM ET
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    • SEC Form SC 13G/A filed by Intel Corporation (Amendment)

      SC 13G/A - INTEL CORP (0000050863) (Filed by)

      2/9/24 2:20:45 PM ET
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    • SEC Form SC 13G filed by Intel Corporation

      SC 13G - INTEL CORP (0000050863) (Filed by)

      2/9/23 8:25:51 PM ET
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    • SEC Form SC 13G/A filed by Intel Corporation (Amendment)

      SC 13G/A - INTEL CORP (0000050863) (Subject)

      2/9/23 11:22:23 AM ET
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    • Deutsche Bank resumed coverage on Intel with a new price target

      Deutsche Bank resumed coverage of Intel with a rating of Hold and set a new price target of $23.00

      5/21/25 8:58:20 AM ET
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    • Seaport Research Partners initiated coverage on Intel with a new price target

      Seaport Research Partners initiated coverage of Intel with a rating of Sell and set a new price target of $18.00

      4/30/25 10:40:07 AM ET
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    • Mizuho reiterated coverage on Intel with a new price target

      Mizuho reiterated coverage of Intel with a rating of Neutral and set a new price target of $22.00 from $23.00 previously

      4/25/25 9:06:06 AM ET
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    Insider Purchases

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    • CEO Gelsinger Patrick P bought $251,198 worth of shares (11,150 units at $22.53), increasing direct ownership by 12% to 105,033 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      11/6/24 4:06:28 PM ET
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    • CEO Gelsinger Patrick P bought $251,946 worth of shares (12,500 units at $20.16) (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      8/7/24 4:23:22 PM ET
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    • Gelsinger Patrick P converted options into 6,779 shares, covered exercise/tax liability with 3,362 shares and bought $124,173 worth of shares (4,100 units at $30.29), increasing direct ownership by 3% to 107,290 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      5/2/24 4:12:17 PM ET
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    • Mobileye Releases First Quarter 2025 Results and Reaffirms Full-Year Outlook

      Revenue of $438 million in the first quarter, which was an 83% year over year increase compared to Q1 2024, a period that was impacted by a significant drawdown of inventory at our Tier 1 customers. Diluted EPS (GAAP) was $(0.13) and Adjusted Diluted EPS (Non-GAAP) was $0.08 in the first quarter. Business development activity was strong in Q1, including first Surround ADAS design win, acceleration in the mobility-as-a-service space, and continued progress toward SuperVision wins. Reaffirming full-year 2025 outlook originally provided on January 30th, assuming continuation of currently-announced automotive-related tariffs (without any further changes). We expect Q2 2025 revenue to inc

      4/24/25 7:00:00 AM ET
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    • Mobileye Announces Timing of its First Quarter 2025 Results

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today announced that it will release its financial results for the first quarter 2025 on Thursday, April 24th, 2025, before market open. Mobileye will host a conference call at 8:00 a.m. ET (3:00 p.m. IT) to review its results and provide a general business update. The call will be hosted by Professor Amnon Shashua, CEO, Moran Shemesh Rojansky, CFO, Nimrod Nehushtan, EVP – Business Development and Strategy, and Dan Galves, CCO. The conference call will be accessible live via a webcast on Mobileye's investor relations site, which can be found at https://ir.mobileye.com, and a replay of the webcast will be made available shortly after the event

      4/4/25 7:00:00 AM ET
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    • Intel to Report First-Quarter 2025 Financial Results

      Intel Corporation today announced that it will report first-quarter financial results on Thursday, April 24, 2025, promptly after close of market. Intel will then hold an earnings conference call at 2 p.m. PDT that day to discuss the results. A live public webcast of the earnings conference call can be accessed on Intel's Investor Relations website at intc.com. Associated materials and webcast replay will also be available on the site. About Intel Intel (NASDAQ:INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help addre

      4/2/25 4:30:00 PM ET
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    • SEC Form SD filed by Intel Corporation

      SD - INTEL CORP (0000050863) (Filer)

      5/21/25 4:53:30 PM ET
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    • Intel Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - INTEL CORP (0000050863) (Filer)

      5/9/25 4:04:30 PM ET
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    • Intel Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

      8-K - INTEL CORP (0000050863) (Filer)

      4/30/25 8:34:24 AM ET
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