Intel Corporation (NASDAQ:INTC) Q3 2024 Earnings Conference Call October 31, 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
Timothy Arcuri - UBS
C.J. Muse - Cantor Fitzgerald
Vivek Arya - Bank of America
Aaron Rakers - Wells Fargo
Srini Pajjuri - Raymond James
Chris Caso - Wolfe Research
Joseph Moore - Morgan Stanley

Operator

Thank you for standing by and welcome to Intel Corporation's Third Quarter 2024 Earnings Conference 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, Investor Relations. Please go ahead, sir.

John Pitzer

Thank you, Jonathan. By now you should have received a copy of the Q3 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 contains 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 reference to non-GAAP and segment 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 our non-GAAP and segment financial measures, including reconciliations where appropriate to our corresponding GAAP financial measures.

With that let me turn things over to Pat.

Patrick Gelsinger

Thank you, John, and good afternoon, everyone. I appreciate you joining us today.

We delivered Q3 revenue above the midpoint of our guidance and we made significant progress on our cost reduction plan. That said, Q3 profitability was negatively impacted by the charges we referenced on our Q2 call. This reflects the aggressive actions we are taking to lower our cost, improve our efficiency, and enhance our market competitiveness. Dave will go into these charges in detail shortly.