Intel Reports Fourth-Quarter and Full-Year 2023 Financial Results

In the fourth quarter, the company generated $4.6 billion in cash from operations and paid dividends of $0.5 billion.

*Not meaningful
Full reconciliations between GAAP and non-GAAP measures are provided below.

Full-Year 2023 Financial Results

 

GAAP

 

Non-GAAP

 

2023

2022

vs. 2022

 

2023

2022

vs. 2022

Revenue ($B)

$54.2

$63.1

down 14%

 

 

 

 

Gross margin

40.0%

42.6%

down 2.6 ppts

 

43.6%

47.3%

down 3.7 ppts

R&D and MG&A ($B)

$21.7

$24.5

down 12%

 

$19.0

$21.9

down 13%

Operating margin

0.2%

3.7%

down 3.5 ppts

 

8.6%

12.6%

down 4 ppts

Tax rate

(119.8)%

(3.2)%

down 116.6 ppts

 

13.0%

13.0%

Net income attributable to Intel ($B)

$1.7

$8.0

down 79%

 

$4.4

$6.9

down 36%

Earnings per share attributable to Intel—diluted

$0.40

$1.94

down 79%

 

$1.05

$1.67

down 37%

For the full year, the company generated $11.5 billion in cash from operations and paid dividends of $3.1 billion.

Business Unit Summary

Intel previously announced the organizational change to integrate its Accelerated Computing Systems and Graphics Group into its Client Computing Group and Data Center and AI Group. This change is intended to drive a more effective go-to-market capability and to accelerate the scale of these businesses, while also reducing costs. As a result, the company modified its segment reporting in the first quarter of 2023 to align to this and certain other business reorganizations. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors operating segment performance starting in fiscal year 2023.

Business Unit Revenue and Trends

 

Q4 2023

 

vs. Q4 2022

 

2023

 

vs. 2022

Client Computing Group (CCG)

 

$8.8 billion

 

up

33%

 

$29.3 billion

 

down

8%

Data Center and AI (DCAI)

 

$4.0 billion

 

down

10%

 

$15.5 billion

 

down

20%

Network and Edge (NEX)

 

$1.5 billion

 

down

24%

 

$5.8 billion

 

down

31%

Mobileye

 

$637 million

 

up

13%

 

$2.1 billion

 

up

11%

Intel Foundry Services (IFS)

 

$291 million

 

up

63%

 

$952 million

 

up

103%


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