Intel Reports Third-Quarter 2022 Financial Results

• Third-quarter GAAP revenue of $15.3 billion, down 20% year over year (YoY), and non-GAAP revenue of $15.3 billion, down 15% YoY.
• Third-quarter results include GAAP restructuring charges of $664 million, reflecting initial cost reduction actions.
• The company is focused on driving $3 billion in cost reductions in 2023, growing to $8 billion to $10 billion in annualized cost reductions and efficiency gains by the end of 2025.
• Third-quarter GAAP earnings per share (EPS) was $0.25; non-GAAP EPS was $0.59.
• Listed Mobileye on the Nasdaq Stock Exchange this week.
• Revising full-year revenue guidance to $63 billion to $64 billion, reflecting continued macroeconomic headwinds.

Full press release