Intel Reports First-Quarter 2023 Financial Results

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

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Intel Corporation

Consolidated Condensed Statements of Income and Other Information

 

Three Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

Apr 1, 2023

 

Apr 2, 2022

Net revenue

$        11,715

 

$        18,353

Cost of sales

           7,707

 

           9,109

Gross margin

           4,008

 

           9,244

Research and development

           4,109

 

           4,362

Marketing, general, and administrative

           1,303

 

           1,752

Restructuring and other charges

               64

 

          (1,211)

Operating expenses

           5,476

 

           4,903

Operating income (loss)

          (1,468)

 

           4,341

Gains (losses) on equity investments, net

              169

 

           4,323

Interest and other, net

              141

 

              997

Income (loss) before taxes

          (1,158)

 

           9,661

Provision for taxes

           1,610

 

           1,548

Net income (loss)

          (2,768)

 

           8,113

Less: Net income (loss) attributable to non-controlling interests

              (10)

 

                —

Net income (loss) attributable to Intel

$        (2,758)

 

$         8,113

Earnings (loss) per share attributable to Intel—basic

$          (0.66)

 

$           1.99

Earnings (loss) per share attributable to Intel—diluted

$          (0.66)

 

$           1.98

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

Basic

$         4,154

 

$         4,079

Diluted

$         4,154

 

$         4,107

 

 

Three Months Ended

(In Millions)

Apr 1, 2023

 

Apr 2, 2022

Earnings per share of common stock information:

 

 

 

Weighted average shares of common stock outstanding—basic

           4,154

 

           4,079

Dilutive effect of employee equity incentive plans

                —

 

               28

Weighted average shares of common stock outstanding—diluted

           4,154

 

           4,107

 

 

 

 

Other information:

 

 

 

Employees (in thousands)

           125.5

 

           122.9


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