Q3 2024 Intel Corp Earnings Call Transcript
Key Points
- Intel Corp (INTC) delivered Q3 revenue above the midpoint of their guidance, indicating strong performance.
- The company made significant progress on its cost reduction plan, including a greater than 15% workforce reduction.
- Intel Corp (INTC) achieved key milestones across Intel Foundry and Intel Products, with improving business trends.
- The launch of Intel Core Ultra 200V Series processors, known as Lunar Lake, set a new standard for mobile AI performance.
- Intel Corp (INTC) announced a multiyear, multibillion-dollar commitment with AWS, expanding their partnership to include new custom chips.
- Q3 profitability was negatively impacted by significant restructuring charges and impairments.
- The Gaudi 3 AI accelerator's uptake was slower than anticipated, affecting revenue targets.
- Intel Corp (INTC) recognized approximately $3 billion of noncash impairment and accelerated depreciation charges, impacting gross margins.
- The company faced challenges with inventory drawdowns in the client segment, affecting revenue.
- Intel Corp (INTC) will not achieve its target of $500 million in revenue for Gaudi in 2024 due to slower adoption rates.
Thank you for standing by, and welcome to Intel Corporation's Third Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President, Investor Relations. Please go ahead, sir.
Thank you, Jonathan. By now, you should have received a copy of the Q3 earnings release and earnings presentation, both of which are available on our Investor Relations website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window.
I am joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we will hear brief comments from both followed by a Q&A session.
Before we begin, please note that today's discussion does contain forward-looking statements based on the environment as we currently see it, and as such, are subject to various risks and uncertainties. It also
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