Intel Corporation (Intel) reported a quarterly revenue of $12.8 billion for the period ending June 29, 2024, a slight decrease of $116 million from Q2 2023. The Client Computing Group (CCG) saw a 9% increase, primarily due to improved notebook and desktop volumes, while Data Center and AI (DCAI) revenue declined by 3% due to lower server demand in a competitive environment. Network and Edge (NEX) revenue remained relatively flat. External Intel Foundry revenue fell due to reduced packaging services and equipment sales, and Altera revenue decreased as customers reduced inventories. Intel's gross margin was down slightly year-on-year, with a 0.4 percentage point decrease from Q2 2023. Operating expenses rose by 2%, with research and development (R&D) increasing by 4% due to investments in process technology and leadership products...Show More

Intel Corporation (Intel) reported a quarterly revenue of $12.8 billion for the period ending June 29, 2024, a slight decrease of $116 million from Q2 2023. The Client Computing Group (CCG) saw a 9% increase, primarily due to improved notebook and desktop volumes, while Data Center and AI (DCAI) revenue declined by 3% due to lower server demand in a competitive environment. Network and Edge (NEX) revenue remained relatively flat. External Intel Foundry revenue fell due to reduced packaging services and equipment sales, and Altera revenue decreased as customers reduced inventories. Intel's gross margin was down slightly year-on-year, with a 0.4 percentage point decrease from Q2 2023. Operating expenses rose by 2%, with research and development (R&D) increasing by 4% due to investments in process technology and leadership products. Marketing, general, and administrative (MG&A) expenses saw a 3% decrease. Restructuring and other charges included a $780 million charge related to R2 litigation. The company's net income was a loss of $1.6 billion, compared to a profit of $1.5 billion in Q2 2023, with diluted earnings per share (EPS) at a loss of $0.38. Intel's future plans include cost-reduction measures such as headcount reductions and other operating expenditure cuts to support investments in technology and manufacturing leadership. The Board of Directors has suspended the declaration of dividends on common stock starting Q4 2024 to prioritize liquidity for strategic investments.