Intel

Business Outlook Intel’s guidance for the second quarter of 2024 includes both GAAP and non-GAAP estimates. Reconciliations between GAAP and non-GAAP financial measures are included below. Q2 2024 GAAP Non-GAAP Revenue $12.5-13.5 billion Gross Margin 40.2% 43.5% Tax Rate 61% 13% Earnings (Loss) Per Share Attributable to Intel—Diluted $(0.05) $0.10 Actual results may differ materially from Intel’s business outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. The gross margin and EPS outlook are based on the mid-point of the revenue range.

Intel (INTC) reported Q1 non-GAAP net income Thursday of $0.18 per share, compared with a loss of $0.04 a year earlier. Analysts polled by Capital IQ expected $0.14. Net revenue for the quarter ended March 30 was $12.72 billion, up from $11.72 billion a year earlier. Analysts surveyed by Capital IQ expected $12.78 billion. Intel is projecting Q2 non-GAAP EPS of $0.10 per share on revenue between $12.5 billion and $13.5 billion. Analysts polled by Capital IQ expect earnings of $0.26 per share on revenue of $13.59 billion. The company’s board kept the quarterly dividend at $0.125 per share, payable on June 1 to shareholders of record on May 7. Intel shares were down more than 8% in recent after-hours activity.

By Eric J. Savitz It’s been a terrible year for Intel shareholders, with the stock down more than 27% on concerns about how long it will take for the company to turn profitable in its still-nascent semiconductor foundry business. But Citi analyst Christopher Danely expects better performance from the stock in the near-term. On Monday, he set an “upside 30-day catalyst watch” on shares. He kept his Neutral rating and $40 target price. Danely noted that new data show that notebook computer shipments spiked 44% in March from February, a factor that he thinks provides potential upside to consensus estimates. Wall Street is expecting sales of $12.9 billion and profits of 15 cents a share when the company reports financial results on April 25. Intel’s guidance for the quarter calls for revenue of $12.2 billion to $13.2 billion with a non-GAAP profit of 13 cents a share. Last week, the

Citigroup analyst Christopher Danely maintains Intel with a Neutral and lowers the price target from $47.5 to $40.

Wells Fargo analyst Aaron Rakers maintains Intel (NASDAQ:INTC) with a Equal-Weight and lowers the price target from $48 to $43.

Dave Zinsner, Intel chief financial officer, said, “This model is designed to unlock significant cost savings, operational efficiencies and asset value. As it begins to take hold, we expect to accelerate on our path toward achieving our ambition of 60% non-GAAP gross margins and 40% non-GAAP operating margins in 2030. Ultimately, improved cost competitiveness will help us deliver process technology, product and foundry leadership while driving significant financial upside for Intel and our owners.”

By Emily Bary Intel breaks out its product and foundry financials, showing investors their different margin profiles Intel Corp.’s foundry business posted a $7 billion operating loss last year, and the chip company expects losses for that part of its business to peak this year. That’s according to new disclosures made by Intel (INTC) as part of a resegmentation of its business. The company is breaking out the performance of its product and foundry businesses in a bid to help investors better understand the value of each one. Intel’s foundry operating loss steepened in 2023 compared with the $5.2 billion loss that the company posted on the metric in 2022. The company attributed the difference in large part to lower internal revenue for the unit, which in turn weighed on profit potential. The foundry business generated $18.9 billion in revenue in 2023, compared with $27.5 billion in 2022. Shares of

UBS analyst Timothy Arcuri maintains Intel (NASDAQ:INTC) with a Neutral and raises the price target from $46 to $50.

UBS analyst Timothy Arcuri maintains Intel (NASDAQ:INTC) with a Neutral and raises the price target from $38 to $46.

Intel Corporation (NASDAQ:INTC) is reportedly in discussions with the Biden administration to receive over $10 billion in subsidies. This potential funding marks the largest allocation under a plan to revive semiconductor manufacturing in the United States, Bloomberg reported, citing people familiar with the matter. The award package for Intel is anticipated to comprise of loans and direct grants, the report read. Discussions are ongoing, Bloomberg noted.

Wedbush analyst Matthew Bryson reiterates Intel (NASDAQ:INTC) with a Neutral and maintains $40 price target.

Intel (INTC) is planning to delay the construction of its $20 billion chip-manufacturing project in Ohio over market challenges and a slow rollout of US government support for the industry, the Wall Street Journal reported Thursday, citing people familiar with the matter. Construction of the project’s manufacturing facilities is not expected to be completed until 2026, pushing back Intel’s original target of beginning production in 2025, the report said. “Managing large-scale projects, especially in our industry often involves adapting to changing timelines,” an Intel spokesman reportedly told the Journal. The spokesman declined to give a new timeline for the project, the report said. Intel did not immediately respond to MT Newswires’ request for comment.