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

Intel unveiled its Q3 2024 financial results: beating expectations with $13.3 billion in revenue, but the company bled a huge $16.6 billion in Q3 2024, too.

Intel lost $16.6 billion in Q3 2024, revenues were down to just $13.3 billion
Comment IconFacebook IconX IconReddit Icon
Gaming Editor
Published
1 minutes & 15 seconds read time

As an Amazon Associate, we earn from qualifying purchases. TweakTown may also earn commissions from other affiliate partners at no extra cost to you.

TL;DR: Intel reported a $16.6 billion loss in Q3 2024 despite generating $13.3 billion in revenue, which was a 6% year-over-year decrease but a $500 million increase from Q2 2024. The company's gross margin dropped to a historical low of 15% due to restructuring and losses in its Foundry business.

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.

Intel lost $16.6 billion in Q3 2024, revenues were down to just $13.3 billion 32
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.

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".