The company reported a net loss of $400 million compared with a net loss of $2.8 billion in Q1 2023.
“We are making steady progress against our priorities and delivered a solid quarter,” said CEO Pat
“Q1 revenue was in line with our expectations and we delivered non-GAAP EPS above our guidance, driven by better-than-expected gross margins and strong expense discipline,” said David Zinsner, Intel CFO. “Our new foundry operating model, which provides greater transparency and accountability, is already driving better decision-making across the business. Looking ahead, we expect to deliver year-over-year revenue and non-GAAP EPS growth in fiscal year 2024, including roughly 200 basis points of full-year gross margin improvement.”
Q1 2024 Financial Highlights
GAAP | Non-GAAP | ||||||||||||||||||
Q1 2024 | Q1 2023 | vs. Q1 2023 | Q1 2024 | Q1 2023 | vs. Q1 2023 | ||||||||||||||
Revenue ($B) | $ | 12.7 | $ | 11.7 | up 9% | ||||||||||||||
Gross Margin | 41.0 | % | 34.2 | % | up 6.8 ppts | 45.1 | % | 38.4 | % | up 6.7 ppts | |||||||||
R&D and MG&A ($B) | $ | 5.9 | $ | 5.4 | up 10% | $ | 5.0 | $ | 4.8 | up 5% | |||||||||
Operating Margin | (8.4 | )% | (12.5 | )% | up 4.1 ppts | 5.7 | % | (2.5 | )% | up 8.2 ppts | |||||||||
Tax Rate | 39.2 | % | (139.0 | )% | n/m* | 13.0 | % | 13.0 | % | — | |||||||||
Net Income (loss) Attributable to Intel ($B) | $ | (0.4 | ) | $ | (2.8 | ) | up 86% | $ | 0.8 | $ | (0.2 | ) | n/m* | ||||||
Earnings (loss) Per Share Attributable to Intel | $ | (0.09 | ) | $ | (0.66 | ) | up 86% | $ | 0.18 | $ | (0.04 | ) | n/m* |
In the first quarter, the company used $1.2 billion in cash from operations and paid dividends of $0.5 billion.
Business Unit Revenue and Trends |
|
Q1 2024 |
|
vs. Q1 2023 |
||
Intel Products: |
|
|
|
|
|
|
Client Computing Group (CCG) |
|
$7.5 billion |
|
up |
31% |
|
Data Center and AI (DCAI) |
|
$3.0 billion |
|
up |
5% |
|
Network and Edge (NEX) |
|
$1.4 billion |
|
down |
8% |
|
Total Intel Products revenue |
|
$11.9 billion |
|
up |
17% |
|
Intel Foundry |
|
$4.4 billion |
|
down |
10% |
|
All other: |
|
|
|
|
|
|
Altera |
|
$342 million |
|
down |
58% |
|
Mobileye |
|
$239 million |
|
down |
48% |
|
Other |
|
$194 million |
|
up |
17% |
|
Total all other revenue |
|
$775 million |
|
down |
46% |
|
Intersegment eliminations |
|
$(4.4) billion |
|
|
|
|
Total net revenue |
|
$12.7 billion |
|
up |
9% |
Intel said that it now has six committed external customers for its breakthrough process – 18A.