US-based multinational technology company Intelshared its financial report for the third quarter of 2023 for investors. The company’s revenue, which is among the world’s largest semiconductor chip manufacturers, fell year-on-year but still beat expectations. Here are the details…
Intel’s revenue dropped 8 percent annually!
Intel According to the report shared by As of the third quarter of 2023, the company $14.2 billion provided income. The technology giant’s revenues compared to last year’s third quarter 8 percent decreased by . The company expected further declines. In other words, the income generated exceeded expectations.
According to the report Intelmade significant progress in the field of artificial intelligence in the third quarter. Data center and artificial intelligence from unit $3.5 billion revenue generating company, compared to the last third quarter in this area 10 per cent experienced loss of income. Intel CEO Pat Gelsinger It was said that significant progress had been made. These improvements seem to show themselves in the fourth quarter.
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Intel 2023 – Financial Data for the 3rd Quarter;
| GAAP | NON-GAAP | |||||
| 2023 – 3rd Quarter | 2022 – 3rd Quarter | 2022 – Compared to Q3 | 2023 – 3rd Quarter | 2022 – 3rd Quarter | 2022 – Compared to Q3 | |
| Income: | $14.2 billion | $15.3 billion | 8 percent decrease | |||
| Gross Margin: | 42.5 percent | 42.6 percent | 0.1 point decrease | 45.8 percent | 45.9 percent | 0.1 point decrease |
| R&D and MG&A: | $5.2 billion | $6.0 billion | 14 percent decrease | $4.6 billion | $5.4 billion | 15 percent decrease |
| Operating profit margin: | Percent (0.1) | Percent (1.1) | 1 point up | 13.6 percent | 10.8 percent | 2.8 points increase |
| Tax rate: | 696.2 percent | 642.0 percent | n/m* | 13.0 percent | 13.0 percent | — |
| Net Income (loss) Attributable to Intel: | $0.3 billion | $1.0 billion | 71 percent decrease | $1.7 billion | $1.5 billion | 14 percent increase |
| Earnings per Share (loss) Attributable to Intel: | $0.07 | $0.25 | 72 percent decrease | $0.41 | $0.37 | 11 percent increase |
Intel Unit Revenue Data:
| Unit | 2023 – 3rd Quarter Revenue | 2022 – Revenue Compared to Q3 |
|---|---|---|
| Client Computing Group (CCG): | $7.9 billion | 3 percent decrease |
| Data Center and Artificial Intelligence (DCAI): | $3.8 billion | 10 percent drop |
| Network and Edge (NEX): | $1.5 billion | 32 percent decrease |
| Furniture: | $530 million | 18 percent increase |
| Intel Foundry Services (IFS): | $311 million | 299 percent increase |
Intel CEO Pat Gelsinger said the following for the third quarter;
“We had an outstanding third quarter, highlighted by overall progress on our process and product roadmaps, agreements with new foundry customers, and the momentum we are taking AI everywhere.” “We continue to make meaningful progress in our IDM 2.0 transformation by relentlessly evolving our strategy, rebuilding our execution engine, and delivering on our commitments to our customers.
Pat Gelsinger
Intel Chief Financial Officer (CFO) David Zinsner said the following for the third quarter;
Our results exceeded our expectations for the third consecutive quarter; Our revenue was above our expectations and earnings per share benefited from strong operating leverage and expense discipline. As our recent portfolio actions demonstrate, we are laser-focused on being great allocators of our owners’ capital and creating value for shareholders.
David Zinsner
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