Intel: plunge in quarterly EPS and savings plan
(CercleFinance.com) - On Thursday evening Intel reported adjusted EPS (non-GAAP) down 85% to two cents for Q2 2024, as well as an adjusted operating margin down 3.
3 points to 0.2% on sales down 1% to $12.8bn.
Results were affected by gross margin headwinds linked to the rise of PC AI products, higher-than-usual charges in non-core activities and the impact of unused capacity, explains CFO David Zinsner.
After this performance, which it acknowledges as disappointing, the chipmaker says it expects an adjusted net loss of three cents per share for the current quarter, and revenues of between $12.5bn and $13.5bn.
Above all, it announces a dividend suspension as of Q4 2024, as well as a $10bn cost-cutting plan, including a headcount reduction of over 15%, to gain in efficiency and competitiveness.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
3 points to 0.2% on sales down 1% to $12.8bn.
Results were affected by gross margin headwinds linked to the rise of PC AI products, higher-than-usual charges in non-core activities and the impact of unused capacity, explains CFO David Zinsner.
After this performance, which it acknowledges as disappointing, the chipmaker says it expects an adjusted net loss of three cents per share for the current quarter, and revenues of between $12.5bn and $13.5bn.
Above all, it announces a dividend suspension as of Q4 2024, as well as a $10bn cost-cutting plan, including a headcount reduction of over 15%, to gain in efficiency and competitiveness.
Copyright (c) 2024 CercleFinance.com. All rights reserved.