Intel reported Q1 revenue of $12.7 billion, up 9% year over year (YoY). There was GAAP earnings (loss) per share (EPS) attributable to Intel was $(0.09).
“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. With Intel 3 in high-volume production, leading-edge semiconductors are being manufactured in the U.S. for the first time in almost a decade and we are on track to regain process leadership next year as we grow Intel Foundry. 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.”
Highlights
- CCG:As of the end of the first quarter, more than 5 million AI PCs have shipped since the December 2023 launch of Intel Core Ultra processors, supported by more than 100 software vendors. Intel expects to exceed its prior forecast of 40 million AI PCs by the end of 2024.
- DCAI: At Intel Vision, the company introduced the Intel Gaudi 3 AI accelerator, projected to deliver on-average 50% faster inference and 40% greater inference power efficiency than Nvidia H1001 on leading generative AI (GenAI) models. Intel also announced new Intel Gaudi accelerator customers and partners, including NAVER, Dell Technologies, Bosch, Supermicro and many others. Additionally, the next-generation E-core Intel Xeon, code-named Sierra Forest, achieved product release this week, and Intel expects Granite Rapids to be released in the third quarter.
- NEX: At Mobile World Congress in Barcelona, Intel introduced the new Intel Edge Platform – a modular, open software platform enabling enterprises to develop, deploy, and manage edge and AI applications at scale. The Intel Edge Platform has broad ecosystem support from Amazon Web Services, Lenovo, Red Hat, SAP and Wipro. Intel also announced the Open Platform for Enterprise AI, which aims to accelerate secure, cost-effective GenAI deployments for businesses by driving interoperability across a diverse and heterogeneous ecosystem, starting with retrieval-augmented generation (RAG).
Intel Foundry Highlights
Intel continues to drive customer adoption of Intel 18A, with a major U.S. aerospace and defense customer committing to Intel 18A, bringing Intel Foundry's external customer commitments on Intel 18A to six. This quarter, Microsoft also announced its plans to design a chip on Intel 18A.
Intel unveiled its process technology roadmap beyond its five-nodes-in-four-years process goal, adding Intel 14A to its leading-edge node lineup following Intel 18A and announcing several specialized node evolutions for Intel 3, Intel 18A and Intel 14A to enable customers to develop and deliver products tailored to their specific needs.
Intel Foundry has a strong pipeline of nearly 50 customer test chips, and has engagements with almost every foundry customer in the industry on advanced packaging, including five design awards.
Intel is forecasting second-quarter 2024 revenue of $12.5 billion to $13.5 billion; expecting second-quarter EPS of $(0.05).
