Intel Corporation (NASDAQ:INTC) Q1 2024 Earnings Conference Call April 25, 2024 5:00 PM ET
Company Participants
John Pitzer - Corporate Vice President of Investor Relations
Patrick Gelsinger - Chief Executive Officer
David Zinsner - Executive Vice President and Chief Financial Officer
Conference Call Participants
Ross Seymore - Deutsche Bank
Ben Reitzes - Melius Research
Joseph Moore - Morgan Stanley
Vijay Rakesh - Mizuho Securities
Timothy Arcuri - UBS
Srini Pajjuri - Raymond James
Vivek Arya - Bank of America Securities
Matthew Ramsay - TD Cowen
Operator
Thank you for standing by and welcome to the Intel Corporation's First Quarter 2024 Earnings Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [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.
John Pitzer
Thank you, Jonathan. By now, you should have received a copy of the Q1 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 will 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-Q 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 our non-GAAP financial measures, including reconciliations where appropriate to corresponding GAAP financial measures.
With that, let me turn things over to Pat.
Patrick Gelsinger
Thanks, John, and welcome, everyone. We reported solid Q1 results, delivering revenue in-line and EPS above our guidance as we continue to focus on operating leverage and expense management. Our results reflect our disciplined approach on reducing costs as well as the steady progress we are making against our long-term priorities.
While first-half trends are modestly weaker than we originally anticipated, they are consistent with what others have said and also reflect some of our own near-term supply constraints. We continue to see Q1 as the bottom and we expect sequential revenue growth to strengthen throughout the year and into 2025, underpinned by, one, the beginnings of an enterprise refresh cycle and growing momentum for AIPCs. Two, a data center recovery with a return to more normal CPU buying patterns and ramping of our accelerator offerings. And three, cyclical recoveries in NEX, Mobileye and Altera.