Intel Corp Files 8-K on Financials and Operations
Ticker: INTC · Form: 8-K · Filed: Oct 31, 2024 · CIK: 50863
| Field | Detail |
|---|---|
| Company | Intel CORP (INTC) |
| Form Type | 8-K |
| Filed Date | Oct 31, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $3.0 billion, $2.8 billion, $2.2 billion, $442 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-reporting, operations, exhibits
Related Tickers: INTC
TL;DR
Intel dropped an 8-K detailing financials and operations as of Oct 28. Check it for the latest.
AI Summary
Intel Corporation filed an 8-K on October 31, 2024, reporting on its results of operations and financial condition as of October 28, 2024. The filing also covers cost associated with exit or disposal activities and includes financial statements and exhibits. The report is for the fiscal year ending December 28.
Why It Matters
This filing provides crucial updates on Intel's financial performance and operational activities, which can influence investor decisions and market perception.
Risk Assessment
Risk Level: medium — 8-K filings often contain material information that can significantly impact a company's stock price, requiring careful analysis.
Key Players & Entities
- INTEL CORP (company) — Registrant
- 0000050863 (company) — Central Index Key
- 3674 (company) — Standard Industrial Classification (Semiconductors & Related Devices)
- DE (company) — State of Incorporation
- 1228 (company) — Fiscal Year End
- 2200 Mission College Boulevard (company) — Business Address
- Santa Clara (company) — City
- CA (company) — State
- 95054 (company) — Zip Code
- 4087658080 (company) — Business Phone
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose is to report on Intel Corporation's results of operations and financial condition, costs associated with exit or disposal activities, and to include financial statements and exhibits.
On what date is the information in this report current?
The earliest event reported is as of October 28, 2024.
What is Intel Corporation's Standard Industrial Classification code?
Intel Corporation's Standard Industrial Classification code is 3674, which corresponds to Semiconductors & Related Devices.
Where is Intel Corporation's principal executive office located?
Intel Corporation's principal executive office is located at 2200 Mission College Boulevard, Santa Clara, California 95054-1549.
What is the fiscal year end for Intel Corporation?
Intel Corporation's fiscal year ends on December 28.
Filing Stats: 1,109 words · 4 min read · ~4 pages · Grade level 14.2 · Accepted 2024-10-31 16:07:17
Key Financial Figures
- $0.001 — ange on which registered Common stock, $0.001 par value INTC Nasdaq Global Select Mar
- $3.0 billion — enses. The Company expects to recognize $3.0 billion of restructuring charges related to the
- $2.8 billion — ns, of which the Company is recognizing $2.8 billion in the third quarter of 2024 . The rest
- $2.2 billion — ce and related employee exit charges of $2.2 billion in the third quarter of 2024 , substant
- $442 million — cognizing pre-tax impairment charges of $442 million in the third quarter of 2024 for certai
- $307 million — expects to recognize pre-tax charges of $307 million related to certain owned and operating
- $86 million — xpenditures. The Company is recognizing $86 million of non-cash impairments for operating l
Filing Documents
- intc-20241028.htm (8-K) — 34KB
- q324_earningsrelease.htm (EX-99.1) — 443KB
- intc-20241028_g1.jpg (GRAPHIC) — 5KB
- unboxedlogo_20202a.jpg (GRAPHIC) — 24KB
- 0000050863-24-000147.txt ( ) — 683KB
- intc-20241028.xsd (EX-101.SCH) — 2KB
- intc-20241028_lab.xml (EX-101.LAB) — 21KB
- intc-20241028_pre.xml (EX-101.PRE) — 12KB
- intc-20241028_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On October 31, 2024, Intel Corporation ("Intel" or the "Company") issued a press release announcing the financial results of its third quarter ended September 28, 2024 and forward-looking statements relating to its fourth quarter of 2024. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The attached press release includes non-GAAP financial measures relating to our operations and forecasted outlook. Certain of these non-GAAP measures will be used in Intel's earnings conference for the third quarter of 2024. In addition, the attached press release includes reconciliations of these non-GAAP measures to GAAP measures, as well as an explanation of how management uses these non-GAAP measures and the reasons why management views these measures as providing useful information for investors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to these results should be carefully evaluated. The information in Item 2.02 of this Report and the press release attached hereto as Exhibit 99.1 are furnished and shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities. On October 28, 2024, the Audit & Finance Committee (the "Audit Committee") of the board of directors (the "Board") of Intel, in connection with the Company's management team, approved a series of cost and capital reduction initiatives designed to adjust spending to current business trends while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy - returning to process leadership. These initiatives include reducing headcount by 16,500 employees, consolidating and reducing the Company's global real estate footprint, conducting portfolio reviews of the Company's business under a 'clean sheet' view, rationalizing capital investments and deployments based upon demand signals and capacity requirements, and reducing the Company's overall operating expenses. The Company expects to recognize $3.0 billion of restructuring charges related to these actions, of which the Company is recognizing $2.8 billion in the third quarter of 2024 . The restructuring actions, which are expected to be substantially complete by the fourth quarter of 2025, consist primarily of the following: Headcount reductions : In connection with the headcount reductions, the Company is recognizing pre-tax employee severance and related employee exit charges of $2.2 billion in the third quarter of 2024 , substantially all of which will entail future cash expenditures. Internal test equipment manufacturing exit : In connection with the Company's decision to exit and outsource manufacturing capabilities for internal-use test hardware, the Company is recognizing pre-tax impairment charges of $442 million in the third quarter of 2024 for certain construction in progress assets, none of which entails future cash expenditures. Real estate exits : In connection with the Company's real estate consolidation and exits, the Company expects to recognize pre-tax charges of $307 million related to certain owned an
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are provided as part of this Report: Exhibit Number Description 99.1 Press Release entitled "Intel Reports Third -Quarter 2024 Financial Results" dated October 3 1, 2024 . 104 Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTEL CORPORATION (Registrant) Date: October 31, 2024 By: /s/ DAVID ZINSNER David Zinsner Executive Vice President, Chief Financial Officer, and Principal Financial Officer