Intel lost $16.6 billion in Q3 2024, revenues were down to just $13.3 billion

Intel lost a chunky $16.6 billion this quarter, which was revealed in the company's recent Q3 2024 financial results, just a week after the launch of its new consumer desktop CPU series in the Core Ultra 200 chips hitting the market, led by the flagship Core Ultra 9 285K.

2

The company beat expectations, pulling in $13.3 billion in revenues, but after its massive internal restructuring changes -- and many other happenings at Intel right now -- posted $16.6 billion in losses for Q3 2024. The $13.3 billion of revenue for Q3 2024 is down 6% year-over-year, but also up $500 million from Q2 2024.

Intel's massive upheaval and restructuring changes, and massive losses from its Foundry business, saw Intel's gross margin dropping to 15%, a historical minimum for Intel. Not good. Intel's product group had profits, generating revenues of $12.9 billion, Intel Foundry earned $4.4 billion (but down from $4.7 billion from Q3 2023) while its chip production unit bled $5.8 billion.

• Read more: Intel CEO ran his mouth: lost a huge 40% discount from TSMC after remarks about Taiwan, China

Intel CEO Pat Gelsinger said: "Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward. The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead".