INTEL CORP (INTC): restructuring charge — Intel Q3 GAAP EPS $(3.88) on $15.9B charges; to cut 16,500 jobs

INTEL CORP

2024-Q3 EPS reported -$4.37 revenue$38,841,000,000

Q3 revenue $13.3B (down 6% YoY); GAAP EPS $(3.88) vs $(0.07) YoY.
Non-GAAP EPS $(0.46); guided Q4 non-GAAP EPS $0.12.
Approved headcount reduction of 16,500; $2.8B restructuring charges in Q3.
$15.9B impairment charges, including $9.9B tax-valuation allowance and $2.9B goodwill (Mobileye).
Q4 revenue forecast $13.3-14.3B; GAAP gross margin 36.5%.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INTEL CORP announced a restructuring with charges of $3.0 billion of restructuring charges affecting the Company (16,500 employees).

Type: restructuring
Charge: $3.0 billion of restructuring charges
Affected area: the Company
Headcount: 16,500 employees

Exact text from the filing

On October 28, 2024, the Audit & Finance Committee (the “Audit Committee”) of the board of directors (the “Board”) of Intel, in connection with the Company's management team, approved a series of cost and capital reduction initiatives designed to adjust spending to current business trends while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy - returning to process leadership. These initiatives include reducing headcount by 16,500 employees, consolidating and reducing the Company's global real estate footprint, conducting portfolio reviews of the Company's business under a 'clean sheet' view, rationalizing capital investments and deployments based upon demand signals and capacity requirements, and reducing the Company's overall operating expenses. The Company expects to recognize $3.0 billion of restructuring charges related to these actions, of which the Company is recognizing $2.8 billion in the third quarter of 2024 .

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

INTEL CORP filing history →

Source: SEC EDGAR

accession 0000050863-24-000147

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