Intel Revenues Fall 7 Percent to $14.3 Billion

Microprocessor giant Intel posted a loss of $100 million on revenues of $14.3 billion in the quarter ending 28, 2024. Revenues were down 7 percent year-over-year (YOY) and Intel told investors to expect the current quarter to fall short of expectations.

“The fourth quarter was a positive step forward as we delivered revenue, gross margin and EPS [earnings per share] above our guidance,” Intel interim co-CEO Michelle Johnston Holthaus said. “Our renewed focus on strengthening and simplifying our product portfolio, combined with continued progress on our process roadmap, is positioning us to better serve the needs of our customers. Dave [Zinsner, the other interim co-CEO] and I are taking actions to enhance our competitive position and create shareholder value.”

Intel’s Client Computing Group saw revenues fall by 9 percent to $8 billion in the quarter. But Intel said the business was on track to deliver 100 million AI PCs (via PC maker partners) by the end of 2025. It says it will release the “Panther Lake” processors, built on its Intel 18A process technology, in the second half of 2025 as well. The firm also reported “strong engagement from the x86 Ecosystem Advisory Group,” through which it hopes to simplify x86 software development and better support developers in partnership with AMD.

Intel’s Data Center and AI business added $3.4 billion in revenues, a decline of 3.3 percent YOY. And the Network and Edge business saw a revenue gain of 10 percent to $1.6 billion.

As for the current quarter, co-CEO Dave Zinsner said that the lower outlook “reflects seasonal weakness magnified by macro uncertainties, further inventory digestion and competitive dynamics.”