Intel Reports Third-Quarter 2023 Financial Results

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including:

  • changes in demand for our products;
  • changes in product mix;
  • the complexity and fixed cost nature of our manufacturing operations;
  • the high level of competition and rapid technological change in our industry;
  • the significant upfront investments in R&D and our business, products, technologies, and manufacturing capabilities;
  • vulnerability to new product development and manufacturing-related risks, including product defects or errata, particularly as we develop next generation products and implement next generation process technologies;
  • risks associated with a highly complex global supply chain, including from disruptions, delays, trade tensions, or shortages;
  • sales-related risks, including customer concentration and the use of distributors and other third parties;
  • potential security vulnerabilities in our products;
  • cybersecurity and privacy risks;
  • investment and transaction risk;
  • IP risks and risks associated with litigation and regulatory proceedings;
  • evolving regulatory and legal requirements across many jurisdictions;
  • geopolitical and international trade conditions, including the impacts of Russia's war on Ukraine, recent events in Israel and rising tensions between the US and China;
  • our debt obligations and our ability to access sources of capital;
  • risks of large scale global operations;
  • macroeconomic conditions, including regional or global downturns or recessions;
  • impacts of the COVID-19 or similar such pandemic;
  • other risks and uncertainties described in this release, our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission (SEC).

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 filing. 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 disclaim 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. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Intel Corporation

Consolidated Condensed Statements of Income and Other Information

   

Three Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

 

Sep 30, 2023

 

Oct 1, 2022

Net revenue

 

$        14,158

 

$        15,338

Cost of sales

 

           8,140

 

           8,803

Gross margin

 

           6,018

 

           6,535

Research and development

 

           3,870

 

           4,302

Marketing, general, and administrative

 

           1,340

 

           1,744

Restructuring and other charges

 

              816

 

              664

Operating expenses

 

           6,026

 

           6,710

Operating income (loss)

 

                (8)

 

            (175)

Gains (losses) on equity investments, net

 

            (191)

 

            (151)

Interest and other, net

 

              147

 

              138

Income (loss) before taxes

 

              (52)

 

            (188)

Provision for (benefit from) taxes

 

            (362)

 

          (1,207)

Net income (loss)

 

              310

 

           1,019

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

 

               13

 

                -

Net income (loss) attributable to Intel

 

$            297

 

$         1,019

Earnings (loss) per share attributable to Intel-basic

 

$           0.07

 

$           0.25

Earnings (loss) per share attributable to Intel-diluted

 

$           0.07

 

$           0.25

         

Weighted average shares of common stock outstanding:

       

Basic

 

           4,202

 

           4,118

Diluted

 

           4,229

 

           4,125

   

Three Months Ended

(In Millions)

 

Sep 30, 2023

 

Jul 2, 2022

Earnings per share of common stock information:

       

Weighted average shares of common stock outstanding-basic

 

           4,202

 

           4,118

Dilutive effect of employee equity incentive plans

 

               27

 

                 7

Weighted average shares of common stock outstanding-diluted

 

           4,229

 

           4,125

         

Other information:

       

Employees (in thousands)

 

           120.3

 

           131.5


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