Intel Corporation (INTC) released its earnings report for Q1 of 2024 with several key highlights:
– Revenue amounted to $12.72 billion, slightly below the estimated $12.78 billion.
– Adjusted earnings per share (EPS) stood at $0.18, surpassing the estimated $0.14.
– The Q1 non-GAAP gross margin reached 45.1%, exceeding the estimated 44.5%.
Looking ahead to Q2 of 2024, the company provided guidance:
– Anticipates Q2 adjusted EPS of $0.10, falling short of the estimated $0.24.
– Projects Q2 revenue in the range of $12.5 billion to $13.5 billion, missing the estimated $12.68 billion.
– Expects approximately 200 basis points of full-year gross margin improvement.
Segment performance for Q1 included:
– Client computing revenue reached $7.53 billion, marking a 31% year-over-year increase.
– Data center and AI revenue amounted to $3.04 billion, up 5% year-over-year.
– Mobileye revenue was reported at $239 million, with no provided estimate.
Regarding dividends, the company declared a quarterly dividend of $0.125 per share, payable on June 1, 2024, to shareholders of record as of May 7, 2024.
Other Q1 metrics indicated:
– GAAP EPS at $(0.09), missing the estimated $0.15.
– GAAP net loss amounted to $381 million.
– Q1 gross margin was 41%.
Intel highlighted strategic initiatives, including:
– Focus on regaining process leadership with Intel 3 in high-volume production.
– Emphasis on innovation across client, edge, and data center portfolios.
– Continued investment in AI solutions and the development of the Intel Foundry.
CEO Pat Gelsinger expressed confidence in driving sequential growth throughout the year, citing strong innovation and operational discipline. CFO David Zinsner noted that better-than-expected gross margins and strong expense discipline drove non-GAAP EPS above guidance, with a positive outlook on year-over-year growth for FY 2024.
Intel’s Q1 2024 Earnings Report: Insights and Guidance
I’m Abhishek Sharma, an Advocate based in Delhi, entrepreneur, investor, and founder of BigBreakingWire. I am an enrolled Advocate with a strong interest in entrepreneurship, media, and technology. I founded BigBreakingWire, a digital news platform covering breaking news, business, financial markets, companies, and important developments in India and around the world. I also have a software company and take an active interest in technology, software, AI, digital products, and new business ideas. As an investor, I’m interested in discovering and investing in promising businesses and startups. I look for good ideas, strong founders, practical business models, and opportunities with long-term potential. I enjoy building businesses, learning about new industries, and connecting with people who are working on interesting ideas and opportunities. Advocate | Entrepreneur | Investor | Founder & Editor-in-Chief, BigBreakingWire
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