Intel said total revenue for Q1 2024 was $12.7 billion, up $1.0 billion or 9% from Q1 2023. CCG revenue rose 31%, DCAI revenue rose 5%, and NEX revenue fell 8%.

10-QQuarterly reportFiled Apr 26, 2024Period of report Mar 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Intel said total revenue for Q1 2024 was $12.7 billion, up $1.0 billion or 9% from Q1 2023. CCG revenue rose 31%, DCAI revenue rose 5%, and NEX revenue fell 8%.
The company attributed the increase in CCG revenue to higher notebook and desktop volumes as customer inventory levels normalized. It said DCAI revenue rose on higher server ASPs, but server volume fell on lower demand in a competitive environment.
The company said the U.S. Department of Commerce has proposed up to $8.5 billion in direct funding and up to $11.0 billion in loans under the CHIPS and Science Act. The support covers manufacturing and research and development projects in Arizona, New Mexico, Ohio, and Oregon.
The company said its internal foundry operating model took effect in Q1 2024 and that it recognized a non-cash goodwill impairment loss of $222 million related to the Intel Foundry reporting unit. It said the reporting unit has no remaining goodwill.

Key figures

Quarter ended March 30, 2024

Revenue: $12.7B
Operating income: −$1.1B
Net income: −$381M
EPS: −$0.09
Gross profit: $5.2B
Operating cash flow: −$1.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Revenue $12.7 billion

Intel said total revenue for Q1 2024 was $12.7 billion, up $1.0 billion or 9% from Q1 2023. CCG revenue rose 31%, DCAI revenue rose 5%, and NEX revenue fell 8%.

Source · Based on the MD&A text of the filing

Company Explains CCG Revenue Growth and DCAI Changes

The company attributed the increase in CCG revenue to higher notebook and desktop volumes as customer inventory levels normalized. It said DCAI revenue rose on higher server ASPs, but server volume fell on lower demand in a competitive environment.

Source · Based on the MD&A text of the filing

CHIPS Act Direct Funding and Loan Proposal

The company said the U.S. Department of Commerce has proposed up to $8.5 billion in direct funding and up to $11.0 billion in loans under the CHIPS and Science Act. The support covers manufacturing and research and development projects in Arizona, New Mexico, Ohio, and Oregon.

Source · Based on the MD&A text of the filing

Intel Foundry Operating Model and Goodwill Impairment

The company said its internal foundry operating model took effect in Q1 2024 and that it recognized a non-cash goodwill impairment loss of $222 million related to the Intel Foundry reporting unit. It said the reporting unit has no remaining goodwill.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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