Intel Q1 2024 Results: $12.8B Revenue & $0.38 EPS as PC Market Rebounds

Intel Reports Steady Q1 Performance Amid PC Market Recovery

Intel announced its first-quarter financial results today, posting $12.764 billion in revenue and earnings per share (EPS) of $0.38—aligning closely with analyst projections of \(0.37 EPS on \)12.81 billion revenue. While meeting expectations, these figures represent a dip compared to recent quarters, signaling both challenges and opportunities for the semiconductor giant.

Key Financial Highlights

• Revenue Breakdown:
  
  • PC Client Group: $7.9 billion (down 1% YoY)
    
  • Data Center Group: $3.1 billion (up 11% YoY)
    
• Net Income: $1.9 billion (5% decline YoY)
  
• Q2 2024 Guidance: \(13.0 billion revenue (±\)500 million)
  

Emerging Segments Show Mixed Results

Intel provided insights into two strategic growth areas:

1. Internet of Things (IoT):

   • Revenue: $482 million
     
   • Down 10% sequentially but up 32% year-over-year
     
   • Note: Includes legacy embedded revenues, tempering IoT-specific growth interpretation
     

2. Mobile & Communications:

   • Revenue: $156 million
     
   • Sharp declines: 52% sequentially and 61% YoY
     

Market Context & Analyst Takeaways

• PC Market Stabilization: The modest decline in PC division revenue (-1%) suggests early signs of market recovery after prolonged slumps.
  
• Data Center Strength: Consistent double-digit growth underscores Intel’s dominance in enterprise infrastructure.
  
• Mobile Challenges: Persistent struggles highlight Intel’s uphill battle in competing with ARM-based chipmakers.
  

Investor Response

Intel shares remained flat during regular trading but gained nearly 3% in after-hours activity, reflecting cautious optimism about the PC rebound and data center performance.

Looking Ahead

While Intel’s core markets show resilience, its ability to pivot toward high-growth sectors like AI and IoT—while addressing mobile shortcomings—will be critical for long-term competitiveness. The Q2 revenue forecast of \(13 billion (±\)500M) suggests measured confidence in continued recovery.

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