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Intel Earnings Beats - Revenue Misses

October 22, 2021

Intel reported third-quarter 2021 financial results. The firm had EPS of $1.71, adjusted with only $1.11 expected. But Intel's revenue was only $18.1 billion with $18.24 billion expected.

“Q3 shone an even greater spotlight on the global demand for semiconductors, where Intel has the unique breadth and scale to lead. Our focus on execution continued as we started delivering on our IDM 2.0 commitments. We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade. We also announced major customer wins across every part of our business,” said Pat Gelsinger, Intel CEO. “We are still in the early stages of our journey, but I see the enormous opportunity ahead, and I couldn’t be prouder of the progress we are making towards that opportunity.”

Third-quarter revenue was led by strong recovery in the Enterprise portion of DCG and in IOTG, which saw higher demand amid recovery from the economic impacts of COVID-19.  The Client Computing Group (CCG) was down due to lower notebook volumes due to industry-wide component shortages, and on lower adjacent revenue, partially offset by higher average selling prices (ASPs) and strength in desktop.

Business Highlights

       Selected by the U.S. government to provide commercial foundry services for the government’s RAMP-C program. 

       Announced Amazon as first customer to use Intel Foundry Services’ packaging services, and a partnership with Qualcomm to use the future Intel 20A process technology.

       Broke ground on  two new leading-edge chip factories at Intel’s Ocotillo campus in Chandler, Arizona, three months ahead of schedule.

       Shared process and packaging roadmap updates for delivering five nodes within four years, putting Intel on a path to restore process performance per watt parity in 2024 and leadership in 2025 with key process innovations, including RibbonFET and PowerVia. Also introduced new advanced packaging technologies, Foveros Omni and Foveros Direct, for 2023.

       Detailed Intel’s biggest architectural shifts in a generation with the first in-depth look at Alder Lake, our first performance hybrid architecture with two new generations of x86 cores; Sapphire Rapids, our new standard-setting data center architecture; our new discrete gaming graphics processing unit architecture; new infrastructure processing units; and Ponte Vecchio, our tour-de-force GPU architecture with Intel’s highest ever compute density to accelerate AI, HPC, and advanced analytics workloads.

       Introduced the new Intel Arc brand for our upcoming high-performance graphics products, covering hardware and software, and services. 

       Introduced four new Intel Core processor-based Surface design wins with Microsoft, including the first Surface device to be Intel® Evo™ platform verified, and two designs that bring Thunderbolt connectivity to the Surface lineup.

       Announced availability of the 3rd Gen Intel® Xeon® Scalable processor (Ice Lake) for AWS customers via the new Amazon Elastic Compute Cloud (Amazon EC2) M6i instances and for Google Cloud customers via the new Compute Engine N2

       Announced U.S. Department of Energy selected next-generation Intel Xeon Scalable processors (Sapphire Rapids) to power supercomputers.

       Announced strategic global partnerships with ZEEKR and Sixt SE and additional plans to unveil Mobileye’s robotaxi equipped with the Mobileye Drive™ system.

       Introduced second-generation neuromorphic research chip, Loihi 2, fabricated with a pre-production version of the Intel 4 process.

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