Intel Generated $13.3 Billion In Revenue But Lost $16.6 Billion

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Tech Giant Still Recovering From Its Mistakes!

Story Highlight
  • 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.

Image Via: Intel

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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