Intel Q2 revenue $12.8B (-1% YoY); GAAP EPS -$0.38; announces $10B cost cuts and dividend suspension

INTEL CORP

2024-Q2 EPS reported -$0.47 revenue$25,557,000,000

Q2 revenue $12.8B, down 1% YoY; GAAP net loss $1.6B, EPS -$0.38; non-GAAP EPS $0.02.
Q3 guidance: revenue $12.5B-$13.5B, GAAP EPS -$0.24, non-GAAP EPS -$0.03.
Announces $10B cost reduction plan: cut >15% headcount, reduce R&D/MG&A to ~$17.5B in 2025, cut capex.
Suspends dividend starting Q4 2024; commits to competitive dividend when cash flows improve.
Achieved milestones on Intel 18A: released 1.0 PDK, powered on Panther Lake and Clearwater Forest.

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