Intel reported its Q3 2024 financial results totaling $13.284 billion under GAAP, marking a 6% decrease from the same quarter last year. The net loss for the quarter was $16.989 billion, primarily due to asset impairments of $15.9 billion and organizational restructuring expenses of $2.8 billion. CFO David Zinsner stated that these actions were in line with the company’s cost reduction plan.
CEO Pat Gelsinger noted that in the past quarter, Intel has been focused on cost reduction initiatives, product line enhancements, and organizational efficiencies. The x86 product family has been optimized for maximum value, while customer interest in Intel 18A manufacturing technology has been strong.
Revenue from Intel’s product business group decreased by 2% to $12.19 billion, with the Client group, as the primary revenue driver, seeing a 7% decline. On the other hand, the Data Center and AI group saw a 9% increase, generating a profit of $3.337 billion.
Intel Foundry, the chip manufacturing business, reported a revenue decline of 8% to $4.352 billion, resulting in an increased operational loss of $5.844 billion.
TLDR: Intel’s Q3 2024 financial report showed a decrease in revenue under GAAP, with a significant net loss attributed to asset impairments and restructuring expenses. The company’s focus on cost reduction, product enhancements, and organizational efficiency has driven performance across its different business groups.
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