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26 January 2024
Intel
INTC
Bloomberg INTC.US
Reuters INTC.OQ
Intel's Stock Dives Following Pessimistic Outlook, Raising Questions About Its Recovery Efforts
Earnings Result
In comparing the previous quarter summary to the current quarter summary, it is evident that the company's outlook and forecast remain focused on anticipated growth, market share, and industry trends. Both summaries mention the consideration of government incentives, future technology trends, and macroeconomic conditions. Financial performance projections, including revenue, gross margins, and capital expenditures, are also highlighted in both summaries. Additionally, the company emphasizes its plans for future products, services, and technologies, as well as investment and manufacturing expansion. The completion and impacts of restructuring activities and cost-saving initiatives are also mentioned in both summaries. Overall, the company's focus on growth, market trends, and financial performance remains consistent between the two quarters.
Net profit growth QoQ and YoY
Earnings Growth Surpasses Expectations: In the fourth quarter, Intel reported earnings of 54 cents per share, significantly exceeding the 15 cents per share from the same period last year. This performance also surpassed analysts' forecasts, which anticipated a profit of 44 cents per share. Furthermore, Intel's sales reached $15.4 billion, outpacing the expected $15.2 billion.
Revenue growth of each business
In 4Q23, Intel's revenue was beat expectation to $15.4 billion, with the Client Computing Group (CCG) experiencing a 33% increase in revenue, while the Data Center and AI (DCAI) segment saw a 10% decrease. For the full year, Intel's revenue was $54.2 billion, with CCG revenue down 8% and DCAI revenue down 20%. Other segments, such as Network and Edge, Mobileye, and Intel Foundry Services, also experienced declines in revenue.
Operating margin
The operating margin for Intel Corporation improved from a loss of 8.1% in the previous year to a positive margin of 16.8% in the current year. This improvement can be attributed to the decrease in restructuring and other charges and the increase in non-GAAP operating income. The non-GAAP operating margin also increased from 4.3% to 16.7% during the same period. These positive trends indicate improved operational efficiency and profitability for the company.
Balance sheet and cashflow
Intel's 2023 balance sheet reveals higher total assets and shareholder equity, but reduced current assets and liabilities. Cash flow shows decreased operating cash and higher investing outflows, with a notable decrease in cash and cash equivalents.
Business Outlook
Intel projects its revenue for the first quarter of 2024 to be between $12.2 billion and $13.2 billion, with an anticipated first-quarter earnings per share (EPS) of negative $0.25, or a non-GAAP EPS of $0.13
In comparing the previous quarter summary to the current quarter summary, it is evident that the company's outlook and forecast remain focused on anticipated growth, market share, and industry trends. Both summaries mention the consideration of government incentives, future technology trends, and macroeconomic conditions. Financial performance projections, including revenue, gross margins, and capital expenditures, are also highlighted in both summaries. Additionally, the company emphasizes its plans for future products, services, and technologies, as well as investment and manufacturing expansion. The completion and impacts of restructuring activities and cost-saving initiatives are also mentioned in both summaries. Overall, the company's focus on growth, market trends, and financial performance remains consistent between the two quarters.
Net profit growth QoQ and YoY
Earnings Growth Surpasses Expectations: In the fourth quarter, Intel reported earnings of 54 cents per share, significantly exceeding the 15 cents per share from the same period last year. This performance also surpassed analysts' forecasts, which anticipated a profit of 44 cents per share. Furthermore, Intel's sales reached $15.4 billion, outpacing the expected $15.2 billion.
Revenue growth of each business
In 4Q23, Intel's revenue was beat expectation to $15.4 billion, with the Client Computing Group (CCG) experiencing a 33% increase in revenue, while the Data Center and AI (DCAI) segment saw a 10% decrease. For the full year, Intel's revenue was $54.2 billion, with CCG revenue down 8% and DCAI revenue down 20%. Other segments, such as Network and Edge, Mobileye, and Intel Foundry Services, also experienced declines in revenue.
Operating margin
The operating margin for Intel Corporation improved from a loss of 8.1% in the previous year to a positive margin of 16.8% in the current year. This improvement can be attributed to the decrease in restructuring and other charges and the increase in non-GAAP operating income. The non-GAAP operating margin also increased from 4.3% to 16.7% during the same period. These positive trends indicate improved operational efficiency and profitability for the company.
Balance sheet and cashflow
Intel's 2023 balance sheet reveals higher total assets and shareholder equity, but reduced current assets and liabilities. Cash flow shows decreased operating cash and higher investing outflows, with a notable decrease in cash and cash equivalents.
Business Outlook
Intel projects its revenue for the first quarter of 2024 to be between $12.2 billion and $13.2 billion, with an anticipated first-quarter earnings per share (EPS) of negative $0.25, or a non-GAAP EPS of $0.13
| Revenue - %Chg YoY | 2Q23 | 3Q23 | 4Q23 | 1Q24E | 2Q24E |
|---|---|---|---|---|---|
| Client Computing | -11.7% | -3.2% | 33.1% | 29.5% | 15.4% |
| Datacenter and AI | -14.7% | -10.4% | -9.8% | 0.4% | -1.0% |
| Network and Edge | -38.3% | -32.0% | -23.7% | -1.4% | 11.8% |
| Mobileye | -1.3% | 17.8% | 12.7% | -22.0% | 8.0% |
| Sentiment | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
|---|---|---|---|---|
| net profit | Negative | Positive | Positive | Negative |
| margin | Negative | Negative | Neutral | Negative |
| revenue | Negative | Negative | Negative | Negative |
| Stock data | |
|---|---|
| Market Cap (USD Million) | 208.90 |
| Beta | 1.33 |
| Last close | 49.55 |
| 12-m Low / High | 24.7 / 51.3 |
| Target price | 45.00 |
| Return Potential | -9.2 % |
| % of Buy / Sell rating | 24.0 % / 15.0 % |
| Valuation data | 12m Forward | 5-Yr Average |
|---|---|---|
| P/E | 28.63 | |
| P/B | 2.06 | 2.35 |
| P/S | 3.47 | 2.73 |
| EV/EBITDA | 14.19 | 15.77 |
| Dividend Yield | 0.0 % |
Intel
Intel Corporation designs, manufactures, and sells computer components and related products. The Company major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory, graphic, network and communication, systems management software, conferencing, and digital imaging products.
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