Intel
Q3 2022 Earnings Call
Oct 27, 2022, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Thank you for standing by, and welcome to Intel's third quarter 2022 earnings conference call. [Operator instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, John Pitzer, corporate vice president of investor relations. Please go ahead, sir.
John Pitzer -- Corporate Vice President of Investor Relations
Thank you, operator. By now, you should have received a copy of the Q3 earnings release and earnings presentation, both of which are available on our investor website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window. I'm joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner.
In a moment, we will hear brief comments from both followed by a Q&A session. Before we begin, please note that today's discussion contains forward-looking statements based on the environment as we currently see it. As such, it does involve risks and uncertainties. Our press release provides more information on the specific risk factors that could cause actual results to differ materially.
We have also provided both GAAP and non-GAAP financial measures this quarter, and we will be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings release and earnings presentation include full GAAP and non-GAAP reconciliations. With that, let me turn things over to Pat.
Pat Gelsinger -- Chief Executive Officer
Thank you, John, and good afternoon, everyone. Despite growing economic headwinds, Q3 revenue was flat sequentially and only modestly below the midpoint of our guidance. In June, we were one of the first companies to highlight an abrupt and pronounced slowdown in demand, which has brought and beyond our initial expectations and is now having an industrywide impact across the electronic supply chain. We are adjusting our Q4 outlook, and we are planning for the economic uncertainty to persist into 2023.
While we are not satisfied with our results, we remain laser-focused on controlling what we can, and we are pleased that our PC share stabilized in Q2 and is now showing meaningful improvement in Q3. Our service share, while not where we want it to be, is tracking in line with our expectations, and we are encouraged by good execution in the quarter against our product road map. In addition, we are intensifying our cost reduction and efficiency efforts, and we are aggressively moving into the next phase of IDM 2.0 geared to unlocking the full potential of the IDM advantage. This afternoon, I will focus my comments in three areas: one, the key trends and dynamics that shape Q3 and are informing our outlook; two, the progress we are making on IDM 2.0, including our momentum on process and product road maps and our recent announcement that we are implementing an internal foundry model; and three, the actions underway to drive cost savings and efficiency gains aimed at accelerating our transformation.