On August 1, 2024, Intel Corporation released its second-quarter financial results for the period ending June 29, 2024, and provided forward-looking statements for the third quarter of 2024. The report highlighted a second-quarter revenue of $12.8 billion, a 1% decrease year over year, and a GAAP loss per share of $(0.38), with a non-GAAP EPS of $0.02. Intel forecasted third-quarter revenue between $12.5 billion and $13.5 billion, with an expected GAAP EPS loss of $(0.24) and non-GAAP EPS loss of $(0.03). The company announced a comprehensive cost reduction plan, including a more than 15% reduction in headcount, aiming to resize and refocus operations. Additionally, Intel plans to suspend its dividend starting in the fourth quarter of 2024, with a long-term commitment to resume competitive dividends as cash flows...Show More

On August 1, 2024, Intel Corporation released its second-quarter financial results for the period ending June 29, 2024, and provided forward-looking statements for the third quarter of 2024. The report highlighted a second-quarter revenue of $12.8 billion, a 1% decrease year over year, and a GAAP loss per share of $(0.38), with a non-GAAP EPS of $0.02. Intel forecasted third-quarter revenue between $12.5 billion and $13.5 billion, with an expected GAAP EPS loss of $(0.24) and non-GAAP EPS loss of $(0.03). The company announced a comprehensive cost reduction plan, including a more than 15% reduction in headcount, aiming to resize and refocus operations. Additionally, Intel plans to suspend its dividend starting in the fourth quarter of 2024, with a long-term commitment to resume competitive dividends as cash flows improve. Intel CEO Pat Gelsinger acknowledged the disappointing financial performance but emphasized key product and technology milestones, including advancements in Intel 18A technology. CFO David Zinsner outlined the impact of gross margin headwinds and the company's proactive steps to improve profits and strengthen the balance sheet. The cost-reduction plan is part of Intel's multiyear transformation strategy, focusing on reducing operating expenses, capital expenditures, and cost of sales, while maintaining core investments to execute its strategy.