•       Intel continues to make progress with its goal of achieving five nodes in four years. Intel 4 is progressing towards high-volume-manufacturing, and the company expects to tape out a production stepping of Meteor Lake in the fourth quarter, the final step in taking the 14^th Gen Intel® Core® processors from the design phase to early production in silicon. Intel 3 continues to progress on schedule. On Intel 20A and Intel 18A, Intel’s first internal test chips and those of a major potential foundry customer have taped out with products undergoing fabrication.

•       In the third quarter, CCG launched the 13th Gen Intel® Core™ processors, which offer the world’s fastest desktop processor and optimized gaming, content creation and productivity. CCG also introduced Intel® Unison™ to deliver best-in-industry multidevice user experiences.

•       DCAI shipped its 4th Gen Intel® Xeon™ Scalable processor high-volume SKUs. In addition, Google Introduced its C3 machine series powered by Intel’s 4th Gen Intel® Xeon™ Scalable processor and Google’s custom Intel® Infrastructure Processing Unit E3200.

•       NEX introduced its 12th Gen Intel® Core™ processors optimized for IoT applications, designed for use cases across retail, banking, hospitality, education, industrial manufacturing and healthcare.

•       AXG launched the Intel® Data Center GPU Flex Series, giving customers a single GPU solution for a wide range of visual cloud workloads, and the Intel® Arc™ A770 and A750 desktop GPUs, bringing much-needed GPU pricing and performance balance to gamers around the world.

•       This week Mobileye went public on the Nasdaq Stock Exchange, which Intel believes will unlock value for Intel's stockholders.

•       IFS announced that NVIDIA has committed to joining the U.S. Department of Defense’s (DOD) RAMP-C program, led by Intel, which enables both commercial foundry customers and the DOD to take advantage of Intel’s at-scale investments in leading-edge technologies. In addition, since the second quarter, IFS has expanded engagements to seven of the 10 largest foundry customers, coupled with consistent pipeline growth to include 35 customer test chips.

During the quarter, Intel introduced the Semiconductor Co-Investment Program (SCIP), a new funding model for the capital-intensive semiconductor industry. As part of SCIP, Intel signed a definitive agreement with Brookfield Asset Management, one of the largest global alternative asset managers, under which the companies will jointly invest up to $30 billion in Intel’s manufacturing expansion at its Ocotillo campus in Chandler, Arizona. The company also made progress toward creating a geographically balanced, secure and resilient semiconductor supply chain as it broke ground on two of the world’s most advanced chipmaking facilities in Ohio. This site is intended to power a new generation of innovative products from Intel and serve the needs of foundry customers as part of the company’s IDM 2.0 strategy.

As Intel embarks on its next phase of IDM 2.0, it is embracing a foundry mindset and model for its IFS customers and Intel product lines. To drive this, Intel created the IDM 2.0 Acceleration Office (IAO) led by Stuart Pann, chief business transformation officer. The IAO will be responsible for fully operationalizing Intel’s IDM 2.0 model and for developing and implementing the systems and processes to support the company’s internal requirements and external foundry customer commitments. This is intended to allow Intel to identify and address structural inefficiencies that exist in its current model, achieve more transparency on its financial execution, better measure itself against other foundries and drive to best-in-class foundry performance.

Business Outlook

Intel's guidance for the fourth quarter and full year includes both GAAP and non-GAAP estimates. Reconciliations between GAAP and non-GAAP financial measures are included below.

Actual results may differ materially from Intel’s Business Outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Earnings Webcast

Intel will hold a public webcast at 2 p.m. PDT today to discuss the results for its third quarter of 2022. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The Q3'22 earnings presentation and webcast replay will also be available on the site.  

^ No adjustment on a non-GAAP basis.

Forward-Looking Statements

Intel’s Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate," "achieve," "adjust," "allow," "anticipates," "believes," "committed," "continues," "could," "deliver," "drive," "estimates," "expand," "expects," "focus," "forecast," "future," "goals," "grow," "guidance," "improve," "increasing," "manage," "may," "on-track," "opportunity," "outlook," "plan," "positioned," "potential," "progress," "ramp," "refocus," "regain," "sharpen," "should," "support," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements that refer to or are based on estimates, forecasts, projections, uncertain events or assumptions, including statements relating to Intel's strategy and its anticipated benefits, including our February 2022 Investor Day financial model, Smart Capital strategy, the Semiconductor Co-Investment Program, our partnership with Brookfield Asset Management (Brookfield), the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion, financing, and investment plans, including the impacts of plans such as our announced investments in the U.S. and abroad; plans, customers, and goals related to Intel’s foundry business; projected costs and yield trends; supply expectations, including regarding industry shortages, constraints, limitations, pricing and sufficiency of future supply; pending transactions, including the pending acquisition of Tower Semiconductor Ltd., the sale of our NAND memory business, the close of our transactions with Brookfield, and the wind-down of our Intel® Optane™ memory business; the initial public offering of Mobileye; expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; total addressable market (TAM) and market opportunity; business plans and financial expectations; future macroeconomic and geopolitical conditions, including regional or global downturns or recessions; future legislation, including any expectations regarding anticipated financial and other benefits or incentives thereunder; tax- and accounting-related expectations; future responses to and effects of the COVID-19 pandemic, including manufacturing, transportation, and operational restrictions or disruptions, such as port shutdowns in China; future products, technology, and services, and the expected regulation, availability, production, and benefits of such products, technology, and services, including product ramps, manufacturing goals, plans, timelines, and future progress, future process nodes and technologies including Intel 20A, RibbonFET, and PowerVia, process performance parity and leadership expectations, future product architectures, Alder Lake, Meteor Lake, Raptor Lake, Sapphire Rapids, Granite Rapids, Sierra Forest, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations.