NEWS SUMMARY

• Third-quarter GAAP revenue of $15.3 billion, down 20% year over year (YoY), and non-GAAP revenue of $15.3 billion, down 15% YoY.
• Third-quarter results include GAAP restructuring charges of $664 million, reflecting initial cost reduction actions.
• The company is focused on driving $3 billion in cost reductions in 2023, growing to $8 billion to $10 billion in annualized cost reductions and efficiency gains by the end of 2025.
• Third-quarter GAAP earnings per share (EPS) was $0.25; non-GAAP EPS was $0.59.
• Listed Mobileye on the Nasdaq Stock Exchange this week.
• Revising full-year revenue guidance to $63 billion to $64 billion, reflecting continued macroeconomic headwinds.

SANTA CLARA, Calif., October 27, 2022 – Intel Corporation today reported third-quarter 2022 financial results.

“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter,” said Pat Gelsinger, Intel CEO. “To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.”

“As we usher in the next phase of IDM 2.0, we are focused on embracing an internal foundry model to allow our manufacturing group and business units to be more agile, make better decisions and establish a leadership cost structure,” said David Zinsner, Intel CFO. “We remain committed to the strategy and long-term financial model communicated at our Investor Meeting.”

Q3 2022 Financial Highlights

¹ Not meaningful.

In the third quarter, the company generated $1.0 billion in cash from operations and paid dividends of $1.5 billion.

Business Unit Summary

Intel previously announced several organizational changes to accelerate its execution and innovation by allowing it to capture growth in both large traditional markets and high-growth emerging markets. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally manages and monitors operating segment performance starting in fiscal year 2022.