No less than 16.6 billion dollars, this is the dizzying amount of operational loss recorded by the entire group in the third quarter of its 2024 fiscal year.
After the poor results of the second quarter, observers expected record losses, but few had anticipated such an amount. Intel attributes a large part of this to the costs of its Intel Foundry division, $5.8 billion alone, but also to the very significant costs resulting from the restructuring of the group: the 15,000 layoffs mentioned previously are not without consequences on the group’s finances.
Separately, Intel announced that it would not meet its goal of $500 million in revenue for its Gaudi AI accelerator in 2024. Pat Gelsinger explained that adoption of Gaudi has been slower than expected due to the transition between Gaudi 2 and Gaudi 3, and challenges related to ease of use of software.
To make matters worse, Intel also has to deal with a gross margin which continues its plunge to only 15%, its lowest level since the group existed (1969, all the same)! The only (small) clarification is that Intel can post a turnover in the upper range of what was expected, at 13.3 billion dollars, while it was targeting between 12.5 and 13.5 billion.
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