Intel Corporation (INL.DE) Q3 2024 Earnings Report

Intel reported QQ3 2024 revenue of $13.284 billion, up 4.4% year over year, but the quarter was dominated by a severe bottom-line deterioration. Net income declined to -$16.639 billion, with an EPS of -$3.88, and EBITDA of -$5.226 billion. The operating loss reached -$9.058 billion, reflecting a high fixed-cost base and continued heavy investment in next-generation manufacturing capabilities and AI/data-center platforms. Gross margin stood at 15.0% (gross profit $1.997 billion on $13.284 billion revenue), underscoring ongoing pressure from cost of revenue and operating expenses as Intel advances its IDM 2.0/Foundry Services strategy and expands R&D in advanced process technologies. Despite positive operating cash flow of $4.054 billion, free cash flow was negative at -$2.404 billion due to capital expenditure of $6.458 billion and substantial investing activity. The balance sheet remains solid on a nominal basis, with total assets of $193.5 billion and stockholders’ equity of $99.5 billion, but leverage remains elevated (net debt ~$41.45 billion; long-term debt ~$46.47 billion). Management commentary consistently emphasizes long-horizon investments in process technology, manufacturing capacity, and AI-enabled platforms, while signaling continued focus on cost discipline and capital allocation. Investors should weigh the near-term earnings volatility against the medium-term ramp in foundry services and AI-driven product cycles.