Intel Reports Second Quarter 2024 Financial Results
Intel's Q2 2024 revenue was $12.8 billion, down 1% year-over-year. The company plans a $10 billion cost reduction, including layoffs and dividend suspension, while advancing AI PC initiatives and product development.
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Intel Corporation reported its second-quarter 2024 financial results, revealing a revenue of $12.8 billion, a slight decline of 1% year-over-year. The company experienced a GAAP loss per share of $(0.38) and a non-GAAP earnings per share of $0.02. For the upcoming third quarter, Intel forecasts revenue between $12.5 billion and $13.5 billion, with expected GAAP EPS of $(0.24) and non-GAAP EPS of $(0.03). In response to financial challenges, Intel announced a $10 billion cost reduction plan, which includes a headcount reduction of over 15% and a suspension of dividends starting in Q4 2024. The plan aims to enhance operational efficiency and support long-term strategic investments. Key milestones were achieved in product development, including the release of the 1.0 Process Design Kit for Intel 18A technology. The company reported a cash generation of $2.3 billion from operations in Q2. Intel's business units showed varied performance, with the Client Computing Group revenue increasing by 9%, while the Data Center and AI segment saw a 3% decline. The company is also advancing its AI PC initiatives, having shipped over 15 million AI PCs since December 2023. Intel's ongoing transformation strategy focuses on reducing operating expenses, capital expenditures, and costs of sales while maintaining core investments in technology and manufacturing. The company aims to improve liquidity and reduce debt to support its long-term goals.
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10 commentsAnyone else feel like this is bean counters at Intel playing the wrong game? I personally feel like leadership at Intel lost the plot almost a decade ago.
They essentially ended up where Boeing did, but at least didn't kill anybody.
The Register: "Intel to dump 15 percent of staff to save costs" <https://www.theregister.com/2024/08/01/intel_to_ax_headcount...>
CNBC: "Intel to cut 15% of headcount, reports quarterly guidance miss" <https://www.cnbc.com/2024/08/01/intel-intc-q2-earnings-repor...>
15% layoffs is nearly 20,000 people.
US. Total economic collapse. Hard landing.
This is the beginning of the end. We really had the chance to make something beautiful with this country, but the 1% bought and sold it into the ground.
Half our politicians aren't even trying to keep it running anymore.
If you want to help turn things around, contact the board members and CEOs directly. Make it clear that they should not receive any compensation until they have successfully revitalized INTC, MBLY, and other related companies. For reference, these are the KPIs for them: INTC's market cap should be currently around $250 billion and MBLY's is about $35 billion.
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Jensen Huang, please buy INTC!!!! PLEASE BUY IT AND MAKE IT GREAT AGAIN! PLEASE PLEASE PLEASE!
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