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Intel (INTC) Q3 2024 earnings results beat revenue expectations on massive $16.64 billion loss

Intel wrote down a staggering loss largely due to impairment charges in its latest quarter.

Donovan Erskine

October 31, 2024 1:57 PM

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Intel (INTC) has released its Q3 2024 earnings report, providing details about its latest financial quarter. The results were quite the mixed bag, as Intel beat revenue expectations but missed the EPS estimate by a large margin.

Intel’s Q3 2024 earnings report was published at the close of markets today. The company reported $13.28 billion in revenue, beating the expectation of $13 billion. However, Intel lost $0.46 per share, which is far more than the expected loss of $0.02. Intel says this is mainly due to impairment charges that the company wrote down in Q3.

“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio, and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Pat Gelsinger, Intel CEO.

Intel (INTC) stock took a jump in after-hours trading. Its valuation hit as high as $24.39 after ending the day at $21.52. Intel is also forecasting a higher-than-expected profit for Q4 2024.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_