Intel (INTC) Q3 2024 Earnings Transcript [Globe and Mail, The (Toronto, Canada)]
Intel Corporation (INTC)
Last intel corporation earnings: 4/23 04:07 pm
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US:NASDAQ Investor Relations:
intc.com/investor-relations/default.aspx
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Source: Globe and Mail, The
Chief Financial Officer — David Zinsner Corporate Vice President, Investor Relations — John Pitzer Takeaways Revenue -- $13.3 billion, up 4% sequentially, reaching the upper half of the previously guided range for the quarter. Non-GAAP gross margin -- 18%, negatively impacted by approximately $3 billion in non-cash impairment and accelerated depreciation charges related primarily to Intel 7 assets, reducing gross margin by about 2,300 basis points. Non-GAAP EPS -- Loss of $0.46, with the $3 billion charge reducing EPS by approximately $0.61 per share. Workforce reduction -- More than 15% of employees targeted for reduction, with headcount actions largely completed during the quarter. Capital expenditure reduction -- Over 20% reduction versus the original annual plan, as part of the cost containment strategy. Q3 restructuring and impairment charges -- $15.6 billion in total, including nearly $10 billion deferred tax asset impairment due to cumulative GAAP losses, $2.6
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