Summary by Moomoo AI
Intel reported Q2 2024 revenue of $12.8 billion, down 1% year-over-year, with a net loss of $1.6 billion compared to a $1.5 billion profit in Q2 2023. Client Computing Group revenue rose 9% to $7.4 billion on improved notebook and desktop volumes, while Data Center and AI revenue fell 3% to $3.0 billion amid competitive pressures. Gross margin declined slightly to 35.4% from 35.8% last year.The company recorded significant charges including $943 million in restructuring costs and a $780 million charge related to R2 litigation. Operating expenses increased 2% to $5.6 billion as Intel continued investments in process technology development. The quarter saw major strategic moves including an $11 billion investment from Apollo Global Management for a 49% stake in Intel's Irish fab operations.Looking ahead, Intel announced suspension of its quarterly dividend starting Q4 2024 to prioritize investments in technology and manufacturing leadership. The company achieved a key milestone with Intel 18A PDK 1.0 release to foundry customers and plans to implement cost reduction measures including headcount reductions to enable operational efficiency while sustaining strategic investments.
