- Intel reported a revenue of $13.3 billion, which reflects a 6% decline year-over-year.
- The Client Computing Group (CCG) faced a revenue decline of 7% to $7.3 billion, while the Data Center and AI division saw a 9% increase to $3.3 billion.
- Intel projects Q4 revenues of $13.3–14.3 billion and is implementing cost-cutting measures, including workforce reductions and simplifying product lines
Today, Intel published its financial report for the third quarter of 2024. Although there is still a lot of tension in the situation overall, numerous data points exceeded analysts’ forecasts, and the stock price likewise rose, climbing by 15%.
Intel’s third-quarter overall revenue was $13.3 billion, a 6% year-over-year decline, while the company’s loss per share was $0.46, down from $0.87 per share during the previous year.
Why it matters: Intel’s financial performance and strategic initiatives reflect its efforts to survive in a challenging market and regain competitiveness, which is crucial for its long-term growth and stability in the tech industry.
The CCG client computing division, which is primarily based on Core processors, generated US$7.3 billion in revenue, a 7% year-over-year decline.
The DCAI data center and artificial intelligence division, which primarily uses Xeon processors and Gaudi accelerators, generated US$3.3 billion, a 9% YoY increase; the NEX network and edge division generated US$1.5 billion, a 4% YoY increase.
Additionally, Altera’s FPGA sector generated US$412 million in revenue, a significant 44% decrease from the previous year. Intel has already reached out to potential investors in an attempt to sell it.
Revenue for Mobileye’s autonomous driving branch was $485 million, an 8% decrease from the previous year.
To turn losses into profits, Intel anticipates revenue of $13.3–14.3 billion, a gross margin of 39.5%, and earnings per share of $0.12 in the upcoming fourth quarter.
Significant progress has also been made in Intel’s $10 billion cost-cutting plan, which includes: ending the majority of layoffs, reducing the workforce by 15% by the end of the year; and simplifying product lines.
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[News Reporter]
Malik Usman is student of Computer Science focused on using his knowledge to produce detailed and informative articles covering the latest findings from the tech industry. His expertise allows him to cover subjects like processors, graphics cards, and more. In addition to the latest hardware, Malik can be found writing about the gaming industry from time to time. He is fond of games like God of War, and his work has been mentioned on websites like Whatculture, VG247, IGN, and Eurogamer.
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