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

• the high level of competition and rapid technological change in our industry;

• the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;

• the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;

• our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;

• implementing new business strategies and investing in new businesses and technologies;

• changes in demand for our products;

• macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;

• the evolving market for products with AI capabilities;

• our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;

• product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;

• potential security vulnerabilities in our products;

• increasing and evolving cybersecurity threats and privacy risks;

• IP risks including related litigation and regulatory proceedings;

• the need to attract, retain, and motivate key talent;

• strategic transactions and investments;

• sales-related risks, including customer concentration and the use of distributors and other third parties;

• our significantly reduced return of capital in recent years;

• our debt obligations and our ability to access sources of capital;

• complex and evolving laws and regulations across many jurisdictions;

• fluctuations in currency exchange rates;

• changes in our effective tax rate;

• catastrophic events;

• environmental, health, safety, and product regulations;

• our initiatives and new legal requirements with respect to corporate responsibility matters; and

• other risks and uncertainties described in this release, our 2023 Form 10-K, and our other filings with the 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.

© 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)		Mar 30, 2024		Apr 1, 2023
Net revenue		$ 12,724		$ 11,715
Cost of sales		7,507		7,707
Gross margin		5,217		4,008
Research and development		4,382		4,109
Marketing, general, and administrative		1,556		1,303
Restructuring and other charges		348		64
Operating expenses		6,286		5,476
Operating income (loss)		(1,069)		(1,468)
Gains (losses) on equity investments, net		205		169
Interest and other, net		145		141
Income (loss) before taxes		(719)		(1,158)
Provision for (benefit from) taxes		(282)		1,610
Net income (loss)		(437)		(2,768)
Less: Net income (loss) attributable to non-controlling interests		(56)		(10)
Net income (loss) attributable to Intel		$ (381)		$ (2,758)
Earnings (loss) per share attributable to Intel—basic		$ (0.09)		$ (0.66)
Earnings (loss) per share attributable to Intel—diluted		$ (0.09)		$ (0.66)
Weighted average shares of common stock outstanding:
Basic		4,242		4,154
Diluted		4,242		4,154
		Three Months Ended
(In Millions; Unaudited)		Mar 30, 2024		Apr 1, 2023
Earnings per share of common stock information:
Weighted average shares of common stock outstanding—basic		4,242		4,154
Weighted average shares of common stock outstanding—diluted		4,242		4,154
Other information:
Employees (in thousands)		130.7		130.1

Intel Corporation Consolidated Condensed Balance Sheets
(In Millions; Unaudited)		Mar 30, 2024		Dec 30, 2023
Assets
Current assets:
Cash and cash equivalents		$ 6,923		$ 7,079
Short-term investments		14,388		17,955
Accounts receivable, net		3,323		3,402
Inventories
Raw materials		1,209		1,166
Work in process		6,560		6,203
Finished goods		3,725		3,758
		11,494		11,127
Other current assets		6,480		3,706
Total current assets		42,608		43,269
Property, plant, and equipment, net		99,924		96,647
Equity investments		6,139		5,829
Goodwill		27,440		27,591
Identified intangible assets, net		4,675		4,589
Other long-term assets		11,947		13,647
Total assets		$ 192,733		$ 191,572
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt		$ 4,581		$ 2,288
Accounts payable		8,559		8,578
Accrued compensation and benefits		2,506		3,655
Income taxes payable		346		1,107
Other accrued liabilities		11,221		12,425
Total current liabilities		27,213		28,053
Debt		47,869		46,978
Other long-term liabilities		6,895		6,576
Stockholders’ equity:
Common stock and capital in excess of par value, 4,257 issued and outstanding (4,228 issued and outstanding as of December 30, 2023)		38,291		36,649
Accumulated other comprehensive income (loss)		(542)		(215)
Retained earnings		68,224		69,156
Total Intel stockholders' equity		105,973		105,590
Non-controlling interests		4,783		4,375
Total stockholders' equity		110,756		109,965
Total liabilities and stockholders’ equity		$ 192,733		$ 191,572

Intel Corporation Consolidated Condensed Statements of Cash Flows
		Three Months Ended
(In Millions; Unaudited)		Mar 30, 2024				Apr 1, 2023
Cash and cash equivalents, beginning of period		$	7,079			$	11,144
Cash flows provided by (used for) operating activities:
Net income (loss)			(437	)			(2,768	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			2,200				1,901
Share-based compensation			1,179				739
Restructuring and other charges			348				55
Amortization of intangibles			351				465
(Gains) losses on equity investments, net			(208	)			(167	)
Changes in assets and liabilities:
Accounts receivable			80				286
Inventories			(366	)			231
Accounts payable			(386	)			(771	)
Accrued compensation and benefits			(1,289	)			(1,560	)
Income taxes			(591	)			1,344
Other assets and liabilities			(2,104	)			(1,540	)
Total adjustments			(786	)			983
Net cash provided by (used for) operating activities			(1,223	)			(1,785	)
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment			(5,970	)			(7,413	)
Proceeds from capital-related government incentives			592				—
Purchases of short-term investments			(6,460	)			(16,132	)
Maturities and sales of short-term investments			9,598				14,173
Other investing			(323	)			851
Net cash provided by (used for) investing activities			(2,563	)			(8,521	)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs			793				—
Repayment of commercial paper			—				(2,930	)
Payments on finance leases			—				(15	)
Partner contributions			423				449
Issuance of long-term debt, net of issuance costs			2,537				10,968
Proceeds from sales of common stock through employee equity incentive plans			626				659
Payment of dividends to stockholders			(529	)			(1,512	)
Other financing			(220	)			(225	)
Net cash provided by (used for) financing activities			3,630				7,394
Net increase (decrease) in cash and cash equivalents			(156	)			(2,912	)
Cash and cash equivalents, end of period		$	6,923			$	8,232

Intel Corporation Supplemental Operating Segment Results
		Three Months Ended
(In Millions)		Mar 30, 2024				Apr 1, 2023
Operating segment revenue:
Intel Products:
Client Computing Group
Desktop		$	2,461			$	1,879
Notebook			4,681				3,407
Other			391				481
			7,533				5,767
Data Center and AI			3,036				2,901
Network and Edge			1,364				1,489
Total Intel Products revenue		$	11,933			$	10,157
Intel Foundry		$	4,369			$	4,831
All other
Altera			342				816
Mobileye			239				458
Other			194				166
Total all other revenue			775				1,440
Total operating segment revenue		$	17,077			$	16,428
Intersegment eliminations			(4,353	)			(4,713	)
Total net revenue		$	12,724			$	11,715
Segment operating income (loss):
Intel Products:
Client Computing Group		$	2,645			$	1,180
Data Center and AI			482				22
Network and Edge			184				(69	)
Total Intel Products operating income (loss)		$	3,311			$	1,133
Intel Foundry		$	(2,474	)		$	(2,360	)
All Other
Altera			(39	)			290
Mobileye			(68	)			123
Other			(105	)			(66	)
Total all other operating income (loss)			(212	)			347
Total segment operating income (loss)		$	625			$	(880	)
Intersegment eliminations			494				456
Corporate unallocated expenses			(2,188	)			(1,044	)
Total operating income (loss)		$	(1,069	)		$	(1,468	)

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