Intel Revenues Fell 8 Percent in Q3, But PC Sales Slide is Ending

Microprocessor giant Intel reported that it earned a net income of $300 million on revenues of $14.2 billion in the quarter ending September 30. Those figures represent declines of 71 percent and 8 percent year-over-year (YOY), respectively, but the firm indicated that it now expects the current quarter to be better than expected.

“We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps, agreements with new foundry customers, and momentum as we bring AI everywhere,” Intel CEO Pat Gelsinger said. “We continue to make meaningful progress on our IDM 2.0 transformation by relentlessly advancing our strategy, rebuilding our execution engine, and delivering on our commitments to our customers.”

Help may be on the way, but Intel’s three biggest businesses all suffered revenue declines in the previous quarter. That said, its biggest and, to date, most troubled business, the Client Computing Group, saw the smallest decline at 3 percent to $7.9 billion. The Data Center and AI business delivered $3.8 billion in revenues, down 10 percent YOY. And Network and Edge landed at $1.5 billion, down 32 percent.

Looking ahead, Intel will start shipping its AI-capable “Meteor Lake” processors for PCs in December, and the firm reported that the post-pandemic PC buying slump is slowly coming to a close. It could return to growth as soon as the current quarter.