Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

• the high level of competition and rapid technological change in our industry;
• the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
• the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
• our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;
• implementing new business strategies and investing in new businesses and technologies;
• changes in demand for our products;
• macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;
• the evolving market for products with AI capabilities;
• our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;
• product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
• potential security vulnerabilities in our products;
• increasing and evolving cybersecurity threats and privacy risks;
• IP risks including related litigation and regulatory proceedings;
• the need to attract, retain, and motivate key talent;
• strategic transactions and investments;
• sales-related risks, including customer concentration and the use of distributors and other third parties;
• our significantly reduced return of capital in recent years;
• our debt obligations and our ability to access sources of capital;
• complex and evolving laws and regulations across many jurisdictions;
• fluctuations in currency exchange rates;
• changes in our effective tax rate;
• catastrophic events;
• environmental, health, safety, and product regulations;
• our initiatives and new legal requirements with respect to corporate responsibility matters; and
• other risks and uncertainties described in this release, our 2023 Form 10-K, and our other filings with the SEC.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

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 filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Intel Corporation Consolidated Condensed Statements of Income and Other Information
		Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)		Sep 28, 2024				Sep 30, 2023
Net revenue		$	13,284			$	14,158
Cost of sales			11,287				8,140
Gross margin			1,997				6,018
Research and development			4,049				3,870
Marketing, general, and administrative			1,383				1,340
Restructuring and other charges			5,622				816
Operating expenses			11,054				6,026
Operating income (loss)			(9,057	)			(8	)
Gains (losses) on equity investments, net			(159	)			(191	)
Interest and other, net			130				147
Income (loss) before taxes			(9,086	)			(52	)
Provision for (benefit from) taxes			7,903				(362	)
Net income (loss)			(16,989	)			310
Less: net income (loss) attributable to non-controlling interests			(350	)			13
Net income (loss) attributable to Intel		$	(16,639	)		$	297
Earnings (loss) per share attributable to Intel—basic		$	(3.88	)		$	0.07
Earnings (loss) per share attributable to Intel—diluted		$	(3.88	)		$	0.07
Weighted average shares of common stock outstanding:
Basic			4,292				4,202
Diluted			4,292				4,229
		Three Months Ended
(In Millions; Unaudited)		Sep 28, 2024				Sep 30, 2023
Earnings per share of common stock information:
Weighted average shares of common stock outstanding—basic			4,292				4,202
Dilutive effect of employee equity incentive plans			—				27
Weighted average shares of common stock outstanding—diluted			4,292				4,229

Other information:
(In Thousands; Unaudited)		Sep 28, 2024		Jun 29, 2024		Sep 30, 2023
Employees
Intel		115.0		116.5		116.6
Mobileye and other subsidiaries		5.4		5.3		4.8
NAND 1		3.7		3.5		3.8
Total Intel		124.1		125.3		125.2
1 Employees of the NAND memory business, which we divested to SK hynix on completion of the first closing on December 29, 2021 and fully deconsolidated in Q1 2022. Upon completion of the second closing of the divestiture, which remains pending and subject to closing conditions, the NAND employees will be excluded from the total Intel employee number.

Intel Corporation Consolidated Condensed Balance Sheets
(In Millions; Unaudited)		Sep 28, 2024				Dec 30, 2023
Assets
Current assets:
Cash and cash equivalents		$	8,785			$	7,079
Short-term investments			15,301				17,955
Accounts receivable, net			3,121				3,402
Inventories
Raw materials			1,434				1,166
Work in process			6,971				6,203
Finished goods			3,657				3,758
			12,062				11,127
Other current assets			6,868				3,706
Total current assets			46,137				43,269
Property, plant, and equipment, net			104,248				96,647
Equity investments			5,496				5,829
Goodwill			24,680				27,591
Identified intangible assets, net			3,975				4,589
Other long-term assets			9,006				13,647
Total assets		$	193,542			$	191,572
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			11,074				8,578
Accrued compensation and benefits			5,015				3,655
Short-term debt			3,765				2,288
Income taxes payable			2,440				1,107
Other accrued liabilities			12,865				12,425
Total current liabilities			35,159				28,053
Debt			46,471				46,978
Other long-term liabilities			7,048				6,576
Stockholders’ equity:
Common stock and capital in excess of par value, 4,309 issued and outstanding (4,228 issued and outstanding as of December 30, 2023)			50,665				36,649
Accumulated other comprehensive income (loss)			(185	)			(215	)
Retained earnings			49,052				69,156
Total Intel stockholders' equity			99,532				105,590
Non-controlling interests			5,332				4,375
Total stockholders' equity			104,864				109,965
Total liabilities and stockholders’ equity		$	193,542			$	191,572

Intel Corporation Consolidated Condensed Statements of Cash Flows
		Nine Months Ended
(In Millions; Unaudited)		Sep 28, 2024				Sep 30, 2023
Cash and cash equivalents, beginning of period		$	7,079			$	11,144
Cash flows provided by (used for) operating activities:
Net income (loss)			(19,080	)			(985	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			7,651				5,753
Share-based compensation			2,759				2,433
Restructuring and other charges			3,626				718
Amortization of intangibles			1,081				1,336
(Gains) losses on equity investments, net			75				47
Deferred taxes			6,368				(1,376	)
Impairments and net (gain) loss on retirement of property, plant, and equipment			2,290				(87	)
Changes in assets and liabilities:
Accounts receivable			282				1,290
Inventories			(969	)			1,758
Accounts payable			566				(1,082	)
Accrued compensation and benefits			1,384				(1,171	)
Income taxes			(930	)			(1,300	)
Other assets and liabilities			20				(487	)
Total adjustments			24,203				7,832
Net cash provided by (used for) operating activities			5,123				6,847
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment			(18,110	)			(19,054	)
Proceeds from capital-related government incentives			725				649
Purchases of short-term investments			(31,519	)			(37,287	)
Maturities and sales of short-term investments			34,268				36,725
Other investing			144				244
Net cash provided by (used for) investing activities			(14,492	)			(18,723	)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs			7,349				—
Repayment of commercial paper			(7,349	)			(3,944	)
Payments on finance leases			—				(96	)
Partner contributions			12,278				1,106
Proceeds from sales of subsidiary shares			—				2,423
Issuance of long-term debt, net of issuance costs			2,975				11,391
Repayment of debt			(2,288	)			(423	)
Proceeds from sales of common stock through employee equity incentive plans			986				1,037
Payment of dividends to stockholders			(1,599	)			(2,561	)
Other financing			(1,277	)			(580	)
Net cash provided by (used for) financing activities			11,075				8,353
Net increase (decrease) in cash and cash equivalents			1,706				(3,523	)
Cash and cash equivalents, end of period		$	8,785			$	7,621

Intel Corporation Supplemental Operating Segment Results
		Three Months Ended
(In Millions)		Sep 28, 2024				Sep 30, 2023
Operating segment revenue:
Intel Products:
Client Computing Group
Desktop		$	2,070			$	2,753
Notebook			4,888				4,503
Other			372				611
			7,330				7,867
Data Center and AI			3,349				3,076
Network and Edge			1,511				1,450
Total Intel Products revenue		$	12,190			$	12,393
Intel Foundry		$	4,352			$	4,732
All other
Altera			412				735
Mobileye			485				530
Other			142				187
Total all other revenue			1,039				1,452
Total operating segment revenue		$	17,581			$	18,577
Intersegment eliminations			(4,297	)			(4,419	)
Total net revenue		$	13,284			$	14,158
Segment operating income (loss):
Intel Products:
Client Computing Group		$	2,722			$	2,780
Data Center and AI			347				391
Network and Edge			268				100
Total Intel Products operating income (loss)		$	3,337			$	3,271
Intel Foundry		$	(5,844	)		$	(1,407	)
All Other
Altera			9				263
Mobileye			78				170
Other			(42	)			(198	)
Total all other operating income (loss)		$	45			$	235
Total segment operating income (loss)		$	(2,462	)		$	2,099
Intersegment eliminations			(79	)			5
Corporate unallocated expenses			(6,516	)			(2,112	)
Total operating income (loss)		$	(9,057	)		$	(8	)

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »