Intel Corporation (NASDAQ:INTC) Q4 2023 Earnings Conference Call January 25, 2024 5:00 PM ET

Company Participants

John Pitzer - Corporate Vice President of IR

Pat Gelsinger - CEO

David Zinsner - CFO

Conference Call Participants

Ross Seymore - Deutsche Bank

Timothy Arcuri - UBS

Joseph Moore - Morgan Stanley

Ben Reitzes - Melius Research

Vivek Arora - Bank of America Security

C.J. Muse - Cantor Fitzgerald

Operator

Thank you for standing by, and welcome to Intel Corporation's Fourth Quarter 2023 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, Mr. John Pitzer, Corporate Vice President of Investor Relations. Please go ahead.

John Pitzer

Thank you, Jonathan. By now, you should have received a copy of the Q4 earnings release and earnings presentation, both of which are available on our Investor Relations website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window.

I am joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we'll hear brief comments from both followed by a Q&A session.

Before we begin, please note that today's discussion does contain forward-looking statements based on the environment as we currently see it, and as such, are subject to various risks and uncertainties. It also contains references to non-GAAP financial measures that we believe provide useful information to our investors. Our earnings release, most recent annual report on Form 10-K and other filings with the SEC provide more information on specific risk factors that could cause actual results to differ materially from our expectations. They also provide additional information on non-GAAP financial measures, including reconciliations where appropriate to our corresponding GAAP financial measures.

With that, let me turn things over to Pat.

Pat Gelsinger

Thank you, John, and good afternoon, everyone.

Q4 was the culmination of a year of tremendous progress towards our IDM 2.0 transformation. We consistently executed on our plan to reestablish process leadership, further build out our capacity and foundry plans, greatly improved product execution and began to execute on our mission to bring AI everywhere across our product segments.

We delivered solid Q4 results exceeding expectations for the fourth quarter in a row. Revenue was at the higher end of our guidance, and we had strong EPS upside as a result of our ongoing relentless focus on driving operating leverage and expense management, including comfortably meeting our $3 billion cost savings commitment for fiscal year '23.