On October 31, 2024, Intel Corporation released its third-quarter financial results, revealing a revenue of $13.3 billion and a significant net loss attributable to Intel of $16.6 billion, primarily due to impairment charges and restructuring costs. The company reported a GAAP loss per share of $(3.88) and a non-GAAP loss per share of $(0.46). The losses included $15.9 billion in impairment charges and $2.8 billion in restructuring charges, with the latter expected to result in future cash expenditures. Intel's restructuring plan, aimed at reducing costs and adjusting spending to current business trends, involves a headcount reduction of 16,500 employees and a consolidation of its global real estate footprint. The company anticipates recognizing $3.0 billion in restructuring charges, with $2.8 billion accounted for in the third quarter of 2024. The...Show More

On October 31, 2024, Intel Corporation released its third-quarter financial results, revealing a revenue of $13.3 billion and a significant net loss attributable to Intel of $16.6 billion, primarily due to impairment charges and restructuring costs. The company reported a GAAP loss per share of $(3.88) and a non-GAAP loss per share of $(0.46). The losses included $15.9 billion in impairment charges and $2.8 billion in restructuring charges, with the latter expected to result in future cash expenditures. Intel's restructuring plan, aimed at reducing costs and adjusting spending to current business trends, involves a headcount reduction of 16,500 employees and a consolidation of its global real estate footprint. The company anticipates recognizing $3.0 billion in restructuring charges, with $2.8 billion accounted for in the third quarter of 2024. The restructuring is expected to be substantially complete by the fourth quarter of 2025. Intel's CEO, Pat Gelsinger, emphasized the company's progress in reducing costs and simplifying its portfolio, while CFO David Zinsner highlighted the steps taken to improve profitability and liquidity. Despite the losses, Intel forecasts fourth-quarter 2024 revenue between $13.3 billion and $14.3 billion and a non-GAAP EPS of $0.12.