Sector: Technology|Industry: Semiconductors|Market Cap: $83.24B|Employees: 124.8K
Intel Corporation is a global technology company that designs, manufactures, and sells a wide range of computing and related products. Their core business revolves around CPUs, GPUs, and other silicon-based solutions, catering to diverse markets from data centers and cloud computing to PCs and edge devices. Intel leverages its manufacturing capabilities and process technology to maintain a competitive edge in the semiconductor industry.
Total revenue decreased to $13.3 billion, a 6% decrease compared to $14.2 billion in Q3 2023. The decline was primarily due to a 7% decrease in CCG revenue, a 44% decrease in Altera revenue, and a 79% decrease in external Intel Foundry revenue.
GAAP diluted EPS attributable to Intel was $(3.88), a significant decrease from $0.07 in Q3 2023. This was primarily due to non-cash charges related to valuation allowances recorded against net deferred tax assets, higher cash and non-cash restructuring charges, and non-cash impairments and accelerated depreciation.
Adjusted free cash flow improved by $9.8 billion YoY, reaching $(0.7) billion. This improvement was driven by favorable non-cash operating cash flow adjustments and changes in working capital, despite lower cash provided by operating activities.