Intel Is Back to Profitability But Lowers Expectations for Q4 2024

silversurfer

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Intel has announced its financial results for its third quarter of fiscal 2023. Intel is back to profitability after earning $15.3 billion in revenue, down 20% year-over-year. Still, the company had to lower its guidance for the fourth quarter due to macroeconomic weakness and continued challenges for its client and data center business units.

Intel's Q3 FY2023 revenue totaled $15.3 billion, down 20% compared to the same quarter a year ago, but what was within the company's guidance was provided back in July. In addition, Intel's gross margin was down to 45.9%, which is higher when compared to the company's gross margin in Q2 but is still well below the company's historical results or long-term goals. As for the company's net income, it dropped 85% YoY to $1 billion.

"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.

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(Image credit: Intel)
 

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