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Intel | 8-K: Intel Reports First Quarter 2024 Financial Results

SEC announcement ·  Apr 26 04:14
Summary by Futu AI
On April 25, 2024, Intel Corporation released its first-quarter financial results for the period ending March 30, 2024, along with forward-looking statements for the second quarter of 2024. The report highlighted a revenue increase of 9% year over year to $12.7 billion. However, GAAP earnings per share (EPS) showed a loss of $0.09, while non-GAAP EPS was $0.18. For the second quarter of 2024, Intel forecasts revenue between $12.5 billion and $13.5 billion and anticipates a GAAP EPS loss of $0.05 and non-GAAP EPS of $0.10. Intel's CEO, Pat Gelsinger, expressed confidence in the company's progress and its strategy to regain process leadership. CFO David Zinsner noted the implementation of a new foundry operating model, which is expected to improve decision-making and drive year-over-year growth...Show More
On April 25, 2024, Intel Corporation released its first-quarter financial results for the period ending March 30, 2024, along with forward-looking statements for the second quarter of 2024. The report highlighted a revenue increase of 9% year over year to $12.7 billion. However, GAAP earnings per share (EPS) showed a loss of $0.09, while non-GAAP EPS was $0.18. For the second quarter of 2024, Intel forecasts revenue between $12.5 billion and $13.5 billion and anticipates a GAAP EPS loss of $0.05 and non-GAAP EPS of $0.10. Intel's CEO, Pat Gelsinger, expressed confidence in the company's progress and its strategy to regain process leadership. CFO David Zinsner noted the implementation of a new foundry operating model, which is expected to improve decision-making and drive year-over-year growth. The report also included a retrospective revision of segment reporting to align with the new operating model, with no changes to consolidated financial statements for 2023 or other periods. Intel's internal foundry model and the standalone operation of Altera, an Intel company, are key strategic changes. The company's Client Computing Group saw a 31% increase in revenue, while the Data Center and AI segment grew by 5%. However, the Network and Edge segment experienced an 8% decline. Intel Foundry's revenue decreased by 10%, and the 'all other' category, which includes Altera and Mobileye, saw a 46% drop in revenue. The report concluded with Intel's commitment to sustainability and its achievements in renewable electricity usage and water conservation.

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