Intel Q1 2024 Earnings – The Company Posts a GAAP Net Loss
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Intel has now announced its earnings for the first quarter of 2024, posting mixed results relative to the consensus expectations.
Intel (NASDAQ: INTC) Earnings Release for the First Quarter of 2024
For the three months that ended on the 31st of March, 2024, Intel reported $12.724 billion in non-GAAP revenue, exceeding consensus expectations of $12.71 billion.
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Revenue (in Billions of Dollars)
Revenue 0369121518 0369121518 Q1 2023 11 Q4 2023 15 Q1 2024 Consensus 12 Q1 2024 Actual 12Here is the actual performance of Intel's business segments in Q1 2023:
Segmental Revenue (in Millions of Dollars)
Q1 2023Q1 2024 ConsensusQ1 2024 Actual 020004000600080001000012000 020004000600080001000012000 Client Computing Group (CCG) 5.8k7.4k7.5k Datacenter and AI (DCAI) 3.7k3.5k3k Network and Edge 1.5k1.4k1.4k Intel Foundry 4.8k04.4k Mobileye 458372239If you find charts confusing, here is an alternate view of Intel's segmental revenue:
Do note that Intel has changed the way it reports its earnings. Now, the revenue from CCG, DCAI, and Network and Edge segments will be clubbed under the Intel Products section. Intel's foundry revenue will be displayed in a separate section. Meanwhile, the revenue from Altera, Mobileye, etc. will now be clubbed under the "All Other" segment.
Intel's total segmental revenue amounted to $17.08 billion, including $4.369 billion in revenue recognized in its Foundry division. After accounting for intersegment elimination costs of $4.353 billion, the company's net revenue totals $12.72 billion.
Intel has reported non-GAAP gross margin of 45.1 percent vs. expectations of 44.5 percent. Moreover, the chipmaker has disclosed a GAAP net income of -$437 million. On a non-GAAP basis, the company has earned a net income of $759 million vs. consensus expectations of $580
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