Intel reported its first-quarter earnings for 2024, showing a 9% increase in total revenue from the same period the year before, reaching $12.724 billion. The net loss according to GAAP accounting was $437 million.
Revenue breakdown by new business groups previously announced by Intel to better reflect the capabilities of its Intel Foundry chip manufacturing business are as follows:
The Intel Products group (selling all types of chips) generated revenue of $11.933 billion, a 17% increase driven by growth in both the Client and Data Center & AI segments.
The Intel Foundry group recorded revenue of $4.369 billion, a 10% decrease with a significant loss of $2.474 billion in this particular business.
Other groups (Altera, Mobileye) reported revenue of $775 million, a 46% decrease.
Pat Gelsinger, CEO of Intel, stated during the earnings call with analysts that Intel is among the top 2 or 3 companies globally capable of developing and manufacturing chips for the next generation of technology, emphasizing the need for investors to focus on the long-term plan.
Source: Intel and CNBC
TLDR: Intel’s Q1 2024 earnings show a 9% increase in revenue, with growth in the Intel Products group and challenges in the Intel Foundry business. CEO Pat Gelsinger highlights Intel’s position in technology advancement and encourages long-term investment focus.
Leave a Comment