INTEL REPORTS REVENUE INCREASE IN FIRST QUARTER

SAN FRANCISCO, April 26 (Bernama-Xinhua) -- Intel Corporation on Thursday reported its financial results for the first quarter of 2024, with a revenue of US$12.7 billion, up 9 per cent year on year, reported Xinhua.

The company's Generally Accepted Accounting Principles (GAAP) quarter net loss was US$0.4 billion, compared with a net loss of US$2.8 billion year over year. Its non-GAAP quarter net income was US$0.8 billion, as against a net loss of US$0.2 billion a year ago.

Its first-quarter loss per share was US$0.09, compared with US$0.66 loss per share year on year.

bootstrap slideshow

Intel previously announced the implementation of an internal foundry operating model, which took effect in the first quarter of 2024 and created a foundry relationship between its Intel Products business and its Intel Foundry business.

The foundry operating model is a key component of the company's strategy and is designed to reshape operational dynamics and drive greater transparency, accountability, and focus on costs and efficiency, it said.

"We are making steady progress against our priorities and delivered a solid quarter," said Pat Gelsinger, Intel CEO. "Strong innovation across our client, edge, and data center portfolios drove double-digit revenue growth in Intel Products."

"We are confident in our plans to drive sequential growth throughout the year as we accelerate our AI solutions and maintain our relentless focus on execution, operational discipline and shareholder value creation in a dynamic market," he added.

Intel said its board of directors has declared a quarterly dividend of US$0.125 per share on the company's common stock, which will be payable June 1, 2024, to shareholders of record as of May 7, 2024.

In Intel's guidance for the second quarter, the company's revenues will be in the range of US$12.5-13.5 billion. 

-- BERNAMA-XINHUA