Press release
Intel Reports Second-Quarter 2024 Financial Results; Announces $10 Billion Cost Reduction Plan to Increase Efficiency and Market Competitiveness
NEWS SUMMARY Second-quarter revenue of $12.8 billion, down 1% year over year (YoY). Second-quarter GAAP earnings (loss) per share (EPS) attributable to Intel
About this update from Intel Corporation
[{"type":"text","content":"\nNEWS SUMMARY\n\n\n\nSecond-quarter revenue of $12.8 billion, down 1% year over year (YoY).\n\n\n\n\nSecond-quarter GAAP earnings (loss) per share (EPS) attributable to Intel was $(0.38); non-GAAP EPS attributable to Intel was $0.02.\n\n\n\n\nForecasting third-quarter 2024 revenue of $12.5 billion to $13.5 billion; expecting third-quarter GAAP EPS attributable to Intel of $(0.24); non-GAAP EPS attributable to Intel of $(0.03).\n\n\n\n\nImplementing comprehensive reduction in spending, including a more than 15% headcount reduction, to resize and refocus.\n\n\n\n\nSuspending dividend starting in the fourth quarter of 2024. The company reiterates its long-term commitment to a competitive dividend as cash flows improve to sustainably higher levels.\n\n\n\n\nAchieved key milestones on Intel 18A with the 1.0 Process Design Kit (PDK) released and key power-on of first client and server products on Intel 18A, Panther Lake and Clearwater Forest.\n\n\n\n SANTA CLARA, Calif.--(BUSINESS WIRE)--\nIntel Corporation today reported second-quarter 2024 financial results.\n\n\n“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones. Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation,” said Pat Gelsinger, Intel CEO. “These actions, combined with the launch of Intel 18A next year to regain process technology leadership, will strengthen our position in the market, improve our profitability and create shareholder value.”\n\n\n“Second-quarter results were impacted by gross margin headwinds from the accelerated ramp of our AI PC product, higher than typical charges related to non-core businesses and the impact from unused capacity,” said David Zinsner, Intel CFO. “By implementing our spending reductions, we are taking proactive steps to improve our profits and strengthen our balance sheet. We expect these actions to meaningfully improve liquidity and reduce our debt balance while enabling us to make the right investments to drive long-term value for shareholders.”\n\n\nCost-Reduction Plan\n\n\nAs Intel nears the completion of rebuilding a sustainable engine of process technology leadership, it announced a series o...