Friday, January 31st 2025

Intel Reports Fourth-Quarter and Full-Year 2024 Financial Results

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Intel Corporation today reported fourth-quarter and full-year 2024 financial results. "The fourth quarter was a positive step forward as we delivered revenue, gross margin and EPS above our guidance," said Michelle Johnston Holthaus, interim co-CEO of Intel and CEO of Intel Products. "Our renewed focus on strengthening and simplifying our product portfolio, combined with continued progress on our process roadmap, is positioning us to better serve the needs of our customers. Dave and I are taking actions to enhance our competitive position and create shareholder value."

"The cost reduction plan we announced last year to improve the trajectory of the company is having an impact," said David Zinsner, interim co-CEO and chief financial officer of Intel. "We are fostering a culture of efficiency across the business while driving toward greater returns on our invested capital and improved profitability. Our Q1 outlook reflects seasonal weakness magnified by macro uncertainties, further inventory digestion and competitive dynamics. We will remain highly focused on execution to build on our progress and unlock value."

Q4 2024 Financial Results
In the fourth quarter, the company generated $3.2 billion in cash from operations.

Full-Year 2024 Financial Results

For the full year, the company generated $8.3 billion in cash from operations and paid dividends of $1.6 billion.

Business Unit Summary
In October 2022, Intel announced an internal foundry operating model, which took effect in the first quarter of 2024 and created a foundry relationship between its Intel Products business (collectively CCG, DCAI and NEX) and its Intel Foundry business (including Foundry Technology Development, Foundry Manufacturing and Supply Chain, and Foundry Services, formerly IFS). The foundry operating model is designed to reshape operational dynamics and drive greater transparency, accountability, and focus on costs and efficiency. In furtherance of Intel's internal foundry operating model, Intel announced in the third quarter of 2024 its intent to establish Intel Foundry as an independent subsidiary. The company also previously announced its intent to operate Altera as a standalone business. Altera was previously included in DCAI's segment results and, beginning in the first quarter of 2024, is included in "all other." As a result of these changes, the company modified its segment reporting in the first quarter of 2024 to align to this new operating model. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors its operating segment performance starting in fiscal year 2024. There are no changes to Intel's consolidated financial statements for any prior periods.

Intel Products Highlights

CCG: Intel continues to lead the AI PC category. The company is on track to ship more than 100 million AI PCs by the end of 2025, and is working with more than 200 ISVs across more than 400 features to optimize their software on Intel silicon. At CES, Intel introduced the Intel Core Ultra 200V series mobile processors with Intel vPro, empowering businesses with AI-driven productivity and enhanced IT management. The company also unveiled the Intel Core Ultra 200H and HX series mobile processors, delivering industry-leading performance, efficiency and platform capabilities, alongside a landmark reduction in power usage. Intel expects to further strengthen its client roadmap with the launch of Panther Lake, its lead product on the Intel 18A process technology, in the second half of 2025.
DCAI: Intel collaborated with Dell Technologies on the Dell PowerEdge XE7740 server, which uses dual Intel Xeon 6 with Performance-cores and up to eight double-wide accelerators, including Intel Gaudi 3 AI accelerators. Intel also showcased its MRDIMMs memory technology, the fastest memory system ever created, in Intel Xeon 6 data center processors, achieving a significant increase in bandwidth that would normally take multiple generations to reach.
NEX: At CES, Intel launched a new line of Intel Core Ultra processors for edge computing, prioritizing scalability and performance across various AI applications.
Intel and AMD are seeing strong engagement from the x86 Ecosystem Advisory Group. Following the group's inaugural meeting this month at Intel's headquarters, Intel and AMD initiated work to drive key architectural features that enable compatibility across platforms, simplify software development and support needs of developers.

Intel Foundry Highlights

In December, Intel Foundry achieved full tape-out of an Intel 16-based design for an external customer, with plans for volume manufacturing later this year at Intel Ireland, the company's lead European wafer fabrication center.
Process tool installation is underway in Fab 52 in Arizona in support of ramping Intel 18A production this year.
Intel signed a definitive agreement with the U.S. Department of Commerce awarding the company up to $7.86 billion in direct funding under the U.S. CHIPS and Science Act. Intel achieved initial milestones, receiving $1.1 billion in the fourth quarter of 2024 and $1.1 billion in January 2025. The CHIPs agreement supports Intel's essential role in advancing domestic leading-edge semiconductor R&D and manufacturing that are critical to economic and national security.
At IEDM 2024, Intel Foundry's Technology Research team demonstrated industry-first advancements in transistor and advanced packaging technologies that help meet future demands for AI.

Intel Foundry Direct Connect Event
On April 29, 2025, Intel Foundry will host its annual flagship event, Intel Foundry Direct Connect, in San Jose, California. The event will feature talks from Intel leaders, customers, industry technologists and ecosystem partners as they share details of Intel Foundry's strategy, process technology, and advanced packaging and test capabilities. The event will also include an ecosystem exhibition and networking opportunities. For information about the event, please visit this page.

Business Outlook
Intel's guidance for the first quarter of 2025 includes both GAAP and non-GAAP estimates as follows:

The complete slide deck follows.

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23 Comments on Intel Reports Fourth-Quarter and Full-Year 2024 Financial Results

THANATOS

Foundries revenue was 17.543B, but they lost 13.4B.

Dristun

They effectively cancelled Falcon Shores, by the way. Gaudi3 and leftover Ponte Vecchio available to its few existing customers are their only products for the AI craze, which is... crazy :D I still don't get why they can't ship enough of Gaudi or Arc. Just sell it at any price, whatever, the government will bail you out anyway! Intel needs people to write stuff and train models using its hardware, otherwise - just getting further and further behind while hoping to pull off a magical leap in performance.

FoulOnWhite

Intel need another Core2Duo

dismuter

FoulOnWhiteIntel need another Core2Duo

Core 2 Duo was one of the most (if not the most) OP CPU launches ever, it crushed AMD so much that they had to slash prices in half overnight and took 11 years to get back up. I still read the AnandTech review every few years to relive that insane moment when reviews were published. Intel doesn't need something so drastic, just something competitive enough, with a slight edge here and there. Let's hope Panther Lake with 18A can put Intel back in the race properly, for the sake of competition.

mb194dc

Pretty awful then generally... Core 2 only came about when they abandoned the P4 arch and went in another direction with the p3 / mobile chips.

Such innovation is hard to imagine these days, just say AI a lot in in every press conference. That should do for their "innovation".

kondamin

mb194dcPretty awful then generally... Core 2 only came about when they abandoned the P4 arch and went in another direction with the p3 / mobile chips.

Such innovation is hard to imagine these days, just say AI a lot in in every press conference. That should do for their "innovation".

Current cpu cores are just over engineered marvels of humanity.
its not that they are bad it’s that there are very few tasks that can completely use them.
especially on the consumer side.

Haile Selassie

This is brutal :/

Nhonho

From now on, the market share of CPUs and GPUs is very different. Intel and AMD need to come together on both the hardware and software sides to compete with Nvidia (in the GPU market) and to compete with the dozens of new manufacturers of server CPUs based on ARM and RISC-V architectures.

kondaminCurrent cpu cores are just over engineered marvels of humanity.
its not that they are bad it’s that there are very few tasks that can completely use them.
especially on the consumer side.

Intel and AMD need to develop CPUs that do not lose performance with Windows VBS enabled.

Daven

IFS earned only $300 million from external customers for all 2024. TSMC earned almost $100 Billion with a capital B for all 2024. IFS is not going to save Intel or become a successful fab for hire service.

Looks like NEX is going to be combined with CCG and DCAI. Altera and MobileEye are now just other.

#10

Wirko

dismuterCore 2 Duo was one of the most (if not the most) OP CPU launches ever, it crushed AMD so much that they had to slash prices in half overnight and took 11 years to get back up. I still read the AnandTech review every few years to relive that insane moment when reviews were published. Intel doesn't need something so drastic, just something competitive enough, with a slight edge here and there. Let's hope Panther Lake with 18A can put Intel back in the race properly, for the sake of competition.

Core 2 Duo, then Sandy Bridge, then Skylake. Intel was a flying locomotive back then, able to afford even the development of Itanium (very costly, no doubt), while AMD kept digging themselves a hole with advanced construction machinery.

kondaminCurrent cpu cores are just over engineered marvels of humanity.
its not that they are bad it’s that there are very few tasks that can completely use them.
especially on the consumer side.

The E-core was, and continues to be, a succesful experiment in simplification. But it was never aimed at highest performance, and Microsoft was, and continues to be, unable to properly and flawlessly support E-cores.

#11

dismuter

WirkoCore 2 Duo, then Sandy Bridge, then Skylake. Intel was a flying locomotive back then, able to afford even the development of Itanium (very costly, no doubt), while AMD kept digging themselves a hole with advanced construction machinery.

Conroe (Core 2 Duo) was in a different league in terms of overnight before/after gap in performance and performance/watt at its launch.
I remember Itanium development being mostly before the Sandy Bridge / Haswell / Skylake era, mostly in parallel to the Pentium 4 / NetBurst era. There were a few launches after, although it seemed already clear by the time that Conroe came out that AMD64 (x86-64) had killed Itanium, and it wasn't going to gain any traction beyond HP who had invested in it too.

#12

Frank_100

It is probably just my imagination, but it seems to me that Microsoft wants to be Apple and design their own ARM cpus.
That is to say Microsoft views Intel and AMD more as competition then partners.

I wish Intel, IBM or Oracle would come out with a competitive OS for the PC that would run code written for Windows.
Even Google could probably pull it off.

probably slightly off topic from intel earnings

#13

dismuter

Frank_100I wish Intel, IBM or Oracle would come out with a competitive OS for the PC that would run code written for Windows.
Even Google could probably pull it off.

I'd say that Valve is currently the most likely to pull it off, if they want.
IBM is probably traumatized for eternity by OS/2 which could run Windows 3.x apps, but that feature quickly became obsolete when Windows 95 came out, and they never caught up.

#14

Neo_Morpheus

Funny how nobody is mentioning the fact that due to Intel illegal actions against AMD is one of the main reasons why AMD almost died.

Reading how they are now struggling as bad as how they did AMD, bring tears of joy to my eyes.

dismuterIBM is probably traumatized for eternity by OS/2 which could run Windows 3.x apps, but that feature quickly became obsolete when Windows 95 came out, and they never caught up.

Not entirely correct, OS/2 failed because IBM was an internal mess and the division in charge of OS/2 didnt receive the proper support from the rest of the company.

Win 95 was good, but in many things, OS/2 was still superior.

This is an interesting video talking about it:

And to close:

#15

Daven

Neo_MorpheusFunny how nobody is mentioning the fact that due to Intel illegal actions against AMD is one of the main reasons why AMD almost died.

Reading how they are now struggling as bad as how they did AMD, bring tears of joy to my eyes.

Not entirely correct, OS/2 failed because IBM was an internal mess and the division in charge of OS/2 didnt receive the proper support from the rest of the company.

Win 95 was good, but in many things, OS/2 was still superior.

This is an interesting video talking about it:

And to close:

Yes, given how horribly Intel behaved in the 90s and 00s, it is quite nice to see their downfall. Some will scream about the loss of competition but bad company behavior is far, far worse. Such behavior is why we end up with monopolies (*cough* Nvidia *cough*). Even if Intel goes away, a dozen upcoming and new players will fill the void (AMD, Apple, Microsoft, Nvidia, Qualcomm, Google, Mediatek, Samsung, Huawei, Si-Five, Amazon, IBM, etc.)

#16

Neo_Morpheus

DavenYes, given how horribly Intel behaved in the 90s and 00s, it is quite nice to see their downfall. Some will scream about the loss of competition but bad company behavior is far, far worse. Such behavior is why we end up with monopolies (*cough* Nvidia *cough*). Even if Intel goes away, a dozen upcoming and new players will fill the void (AMD, Apple, Microsoft, Nvidia, Qualcomm, Google, Mediatek, Samsung, Huawei, Si-Five, Amazon, IBM, etc.)

Exactly!

We have Arm, RISC-V, POWER and a couple more that could rise and compete and/or replace x86.

#17

Nhonho

DavenIFS earned only $300 million from external customers for all 2024. TSMC earned almost $100 Billion with a capital B for all 2024. IFS is not going to save Intel or become a successful fab for hire service.

IFS will never be successful, because Intel is a competitor to almost every other computer company. When another company contracts with Intel (IFS) to manufacture its chips, Intel gains access to several of the other company's strategic industrial secrets. IFS will only make a profit if it is sold to another chipmaker that does not manufacture chips for itself, such as GlobalFoundries and TSMC.

#18

kondamin

Neo_MorpheusFunny how nobody is mentioning the fact that due to Intel illegal actions against AMD is one of the main reasons why AMD almost died.

Reading how they are now struggling as bad as how they did AMD, bring tears of joy to my eyes.

AMD didn’t almost go down because of intel, amd went down because they tried to grow to much right before the economic collapse of 2008. Which also killed 400mm wafers…

before they just weren’t able to supply enough chips to big system integrators.

#19

Assimilator

DavenEven if Intel goes away, a dozen upcoming and new players will fill the void (AMD, Apple, Microsoft, Nvidia, Qualcomm, Google, Mediatek, Samsung, Huawei, Si-Five, Amazon, IBM, etc.)

None of those make x86 CPUs, none of them ever will (unless they buy Intel), and Windows on ARM remains rubbish that nobody wants.

#20

Daven

NhonhoIFS will never be successful, because Intel is a competitor to almost every other computer company. When another company contracts with Intel (IFS) to manufacture its chips, Intel gains access to several of the other company's strategic industrial secrets. IFS will only make a profit if it is sold to another chipmaker that does not manufacture chips for itself, such as GlobalFoundries and TSMC.

You are absolutely right. This is also the hardest aspect of the industry for both tech site staff and computer enthusiasts to understand. The interworkings of semiconductor fabrication industry requires the fab and fab customer to almost be surgically joined at the hip. The constant news articles about IFS getting customers and becoming like TSMC came from a place of pure ignorance. Even some of these industry insiders and readers leave comments about how TSMC helps AMD with technological development of their products. How on freaking earth was that supposed to be the case between Intel and AMD or even Intel and Nvidia or Intel and Apple, etc. etc.

#21

Onasi

Neo_MorpheusWe have Arm, RISC-V, POWER and a couple more that could rise and compete and/or replace x86

I have been hearing memes about the death of x86 for two decades now. It hasn’t come to pass. And it will not in any foreseeable future.

And in any case - Intel isn’t going anywhere. It tales more than several years of underperformance to kill a company THAT big and influential. They’ll claw back themselves into better position.

#22

Daven

AssimilatorNone of those make x86 CPUs, none of them ever will (unless they buy Intel), and Windows on ARM remains rubbish that nobody wants.

Intel is failing because they only have x86. The different technology industries have already moved on from this ISA, adopted new ISAs and are even starting to move into the only place x86 is surviving with these new ISAs: laptops, desktops and servers. Most of us here build our own PCs and the only reason we may never see a non-X86 socketable processor is because the DIY market is super, super small. Eventually, Windows (Linux and MacOS is already there and gaining steam) will be just as good on ARM as x86. More and more services are moving to the cloud making personal computers more obsolete. I would actually say the only way to save x86 is that it becomes licensable like ARM so that more vendors can make and improve products based on x86.

OnasiI have been hearing memes about the death of x86 for two decades now. It hasn’t come to pass. And it will not in any foreseeable future.

And in any case - Intel isn’t going anywhere. It tales more than several years of underperformance to kill a company THAT big and influential. They’ll claw back themselves into better position.

Intel is done but x86 is not going to die. Those are memes and meant to be jokes at best, completely false at worse to get rises out of people. I hope eventually Intel splits apart or is bought out and x86 gets positioned similar to ARM. Intel had such a lock on the ISA that it barely went anywhere new. If dozens of companies have access to x86 just like ARM, we might actually see some optimizations and improvements. This is why Intel, AMD and others are forming a group to try and save x86.

kondaminAMD didn’t almost go down because of intel, amd went down because they tried to grow to much right before the economic collapse of 2008. Which also killed 400mm wafers…

before they just weren’t able to supply enough chips to big system integrators.

No, Intel's anti-monopolistic practices almost killed AMD combined with the ill-fated move to Bulldozer which probably only happened because Intel robbed them of much needed R&D funding. It is well documented and not necessary to go into again.

#23

FoulOnWhite

dismuterCore 2 Duo was one of the most (if not the most) OP CPU launches ever, it crushed AMD so much that they had to slash prices in half overnight and took 11 years to get back up. I still read the AnandTech review every few years to relive that insane moment when reviews were published. Intel doesn't need something so drastic, just something competitive enough, with a slight edge here and there. Let's hope Panther Lake with 18A can put Intel back in the race properly, for the sake of competition.

At the time, i had read up about C2D and realised it was a stormer, i actually sold my pretty good(at the time) AMD rig and bought a Intel board and a pentium4 waiting for C2D. All my mates thought i was insane, then C2D came out and devastaded AMD, when i bought a C2D chip, my system was a corker and blew theirs out of the water. Guess what.........They all switched to Intel setups.

Intel certainly need something. I am not a E core hater either, some people just do not understand the point of them, if the OS and board was properly setup and working for them, they would be amazing. I really hope Intel can get themselves out of the doldrums. For now though i will stick with my 12700k setup as it has been the most stable PC i have had running for 4years with not a single BSOD, and that is no lie.

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Intel Reports Fourth-Quarter and Full-Year 2024 Financial Results

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