Intel Corporation reported total revenue of $13.3 billion for the third quarter of 2024, reflecting a decrease of $874 million, or 6%, compared to $14.2 billion in Q3 2023. The decline in revenue was driven by significant decreases in several key segments. The Client Computing Group (CCG) revenue fell by 7%, while Altera® revenue experienced a substantial drop of 44%. Additionally, external revenue from Intel Foundry plummeted by 79%, primarily due to reduced traditional packaging services and equipment sales. In contrast, revenue from the Data Center and AI (DCAI) segment increased by 9%, indicating some resilience in this area.
The company's gross margin for Q3 2024 was reported at 15.0%, a significant decline of 27.5 percentage points from the previous year. This decline in profitability was further reflected in the net loss of $(16.99) billion for the quarter, a stark contrast to the net income of $310 million recorded in Q3 2023. Diluted earnings per share (EPS) attributable to Intel were $(3.88), down from $0.07 in the same quarter last year.
Operating cash flow for the first nine months of 2024 totaled $5.1 billion, a decrease from $6.8 billion during the same period in 2023. The company recognized restructuring charges of $2.8 billion in Q3 2024, primarily associated with its 2024 Restructuring Plan, which included a headcount reduction of 16,500 employees. Additionally, non-cash impairments and accelerated depreciation charges amounted to $3.1 billion, mainly related to the Intel 7 process node.
As of September 28, 2024, Intel's cash and cash equivalents stood at $8.785 billion, an increase from $7.079 billion as of December 30, 2023. The company remains classified as a large accelerated filer and has filed all required reports under the Securities Exchange Act of 1934. As of October 25, 2024, Intel had 4,313 million shares of common stock outstanding.
About INTEL CORP
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