Intel Corporation Fiscal Year Earnings Release for Q2 2024

Revenue Up 9% YoY, EPS in the Red

Intel Corporation has announced its financial results for the second quarter of 2024. The company reported first-quarter revenue of $127 billion, representing a 9% increase year-over-year (YoY). However, the company's first-quarter Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) attributable to Intel was a loss, which is a significant deviation from previous quarters.

Cost-Cutting Measures Announced

In light of the challenging economic environment, Intel has announced plans to implement cost-cutting measures. These measures include the layoff of thousands of employees and a pause in dividend payments in the fourth quarter. The company is also exploring the sale of its Optane business and certain other non-core assets.

Webcast and Analyst Call

Intel will hold a public webcast at 2 pm PDT today to discuss the results for its second quarter of 2024. The webcast will be accessible on Intel's Investor Relations website. Following the webcast, the company will host an analyst call to provide additional details and answer questions.