Intel Q3 Report 2022

• Third-quarter GAAP revenue of $15.3 billion, down 20% year over year (YoY), and non-GAAP revenue of $15.3 billion, down 15% YoY.
• Third-quarter results include GAAP restructuring charges of $664 million, reflecting initial cost reduction actions.
• The company is focused on driving $3 billion in cost reductions in 2023, growing to $8 billion to $10 billion in annualized cost reductions and efficiency gains by the end of 2025.
• Third-quarter GAAP earnings per share (EPS) was $0.25; non-GAAP EPS was $0.59.
• Listed Mobileye on the Nasdaq Stock Exchange this week.
• Revising full-year revenue guidance to $63 billion to $64 billion, reflecting continued macroeconomic headwinds.

“As we usher in the next phase of IDM 2.0, we are focused on embracing an internal foundry model to allow our manufacturing group and business units to be more agile, make better decisions and establish a leadership cost structure,” said David Zinsner, Intel CFO. “We remain committed to the strategy and long-term financial model communicated at our Investor Meeting.”