Intel Corporation reported a decrease in total revenue to $13.3 billion in Q3 2024, down $874 million from Q3 2023, primarily due to lower desktop volume and the exit of legacy businesses. The company's gross margin decreased by $4.0 billion, or 67%, compared to Q3 2023, largely impacted by non-cash impairments and accelerated depreciation related to its Intel 7 process node. Operating expenses increased by 4% from Q3 2023, driven by investments in process technology and leadership products. Restructuring charges of $2.8 billion were recognized in Q3 2024 as part of the 2024 Restructuring Plan, which includes headcount reductions and cost-saving measures. The company also recorded a non-cash charge of $9.9 billion related to valuation allowances against its US deferred tax assets. Despite these challenges, Intel's Data Center and AI segment saw a revenue...Show More

Intel Corporation reported a decrease in total revenue to $13.3 billion in Q3 2024, down $874 million from Q3 2023, primarily due to lower desktop volume and the exit of legacy businesses. The company's gross margin decreased by $4.0 billion, or 67%, compared to Q3 2023, largely impacted by non-cash impairments and accelerated depreciation related to its Intel 7 process node. Operating expenses increased by 4% from Q3 2023, driven by investments in process technology and leadership products. Restructuring charges of $2.8 billion were recognized in Q3 2024 as part of the 2024 Restructuring Plan, which includes headcount reductions and cost-saving measures. The company also recorded a non-cash charge of $9.9 billion related to valuation allowances against its US deferred tax assets. Despite these challenges, Intel's Data Center and AI segment saw a revenue increase of 9% from Q3 2023, driven by increased hyperscale customer-related demand. The company announced the suspension of quarterly dividends starting Q4 2024 to prioritize liquidity for strategic investments. Intel's liquidity remains strong with $24.1 billion in cash and short-term investments, and the company believes it has sufficient funding for its business requirements in the next 12 months and beyond.