英特尔(INTC.US)股价在公布最新财报后大跌，原因是该公司首席执行官陈立武给出了乏善可陈的业绩 展望，并警告称这家芯片制造商正受到制造问题的困扰。截至发稿，英特尔周四美股盘后跌逾12%。 财报显示，英特尔2025年第四季度营收同比下降4.1%至137亿美元，好于分析师预计的134亿美元;调整 后每股收益为15美分，好于分析师预计的9美分。 按业务划分，客户端计算业务第四季度营收为82亿美元，同比下降6.6%，略低于分析师平均预测的83 亿美元;数据中心业务营收为47亿美元，同比增长8.9%，高于分析师预计的44亿美元。英特尔代工业务 实现营收45亿美元，同比增长3.8%，高于分析师预计的44亿美元。目前，该部门的订单几乎全部来自 英特尔自身的产品部门，但公司正在积极寻求外部客户。 英特尔预计，2026年第一季度营收预计在117亿美元至127亿美元之间，该区间中值低于分析师预计的 126亿美元;预计调整后每股收益为零，而分析师此前预计为8美分。 去年第四季度调整后毛利率为37.9%，这一关键盈利指标预计将在今年第一季度进一步收缩至34.5%(分 析师预期为36.5%)。在英特尔最鼎盛时期，其毛利率经常高于6 ...

Core Insights - Intel reported $13.67 billion in revenue for Q4 2025, a year-over-year decline of 4.1%, with an EPS of $0.15, up from $0.13 a year ago, indicating a positive EPS surprise of +86.1% compared to the consensus estimate of $0.08 [1] Revenue Performance - Total net revenues for Intel Products Group were $12.93 billion, slightly above the estimated $12.68 billion, but reflecting a year-over-year decline of 0.7% [4] - Data Center and AI revenues reached $4.74 billion, exceeding the average estimate of $4.36 billion, with a significant year-over-year increase of +39.9% [4] - Client Computing Group revenues were reported at $8.19 billion, slightly below the estimate of $8.33 billion, showing a modest year-over-year growth of +2.2% [4] - Intel Foundry Services generated $4.51 billion, surpassing the estimate of $4.39 billion, with a year-over-year change of +0.1% [4] - Net revenues from intersegment eliminations were reported at -$4.34 billion, better than the estimate of -$4.44 billion, with a year-over-year change of +0.6% [4] Stock Performance - Intel's shares have returned +50% over the past month, significantly outperforming the Zacks S&P 500 composite, which saw a change of +0.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Intel's total revenue for Intel Products in 2025 was $49.1 billion, a decrease of $324 million from 2024[123]. - Operating income for Intel Products in 2025 was $12.7 billion, down $269 million from 2024, with a total operating margin of 26%[125]. - Client revenue in 2025 was $27.6 billion, down $1.1 billion from 2024, primarily due to lower client volume and inventory reductions[126]. - DCAI revenue increased by $794 million in 2025, driven by a 9% increase in server volume due to higher hyperscale customer demand[126]. - Consolidated revenue for Intel was $52.9 billion in 2025, a decrease of $248 million from 2024, with CCG revenue down 3% due to lower client volumes[142]. - Gross profit increased by $1.0 billion, or 6%, in 2025 compared to 2024, driven by reduced asset impairments and accelerated depreciation charges[146]. - Operating loss for Intel Foundry was $10.3 billion in 2025, an improvement from a $13.3 billion loss in 2024, primarily due to reduced asset impairments and lower operating expenses[132]. - Mobileye revenue in the "all other" category was $1.9 billion in 2025, up $240 million from 2024, due to improved customer inventory levels[137]. - Operating income for the "all other" category was $264 million in 2025, compared to an operating loss of $57 million in 2024, driven by higher Mobileye revenue[139]. Research and Development - R&D expenses were $13.8 billion in 2025, down from $16.5 billion in 2024 and $16.0 billion in 2023, focusing on AI integration and next-generation process technologies like Intel 18A and Intel 14A[84]. - Total R&D and MG&A expenses for 2025 were $18.4 billion, down 17% from 2024, representing 34.8% of revenue[148]. - R&D expenses for 2025 decreased by $2.8 billion, or 17%, from 2024, primarily due to lower payroll-related expenditures and $610 million of lower share-based compensation[150]. Capital Expenditures and Investments - The company plans significant long-term investments in manufacturing expansion, including a new facility in Ohio[176]. - As of December 27, 2025, the company had commitments for capital expenditures of $9.1 billion for 2026 and $3.7 billion in long-term capital expenditures[177]. - The company initiated the consolidation of assembly and test operations in Costa Rica into larger sites in Vietnam and Malaysia to align capital spending with market demand[118]. - The transition to a disciplined capital deployment strategy in 2025 includes consolidating assembly operations in Costa Rica into larger sites in Vietnam and Malaysia, expected to complete by the end of 2026[72]. Strategic Partnerships and Market Position - A strategic partnership with NVIDIA was announced to co-develop custom client and data center products, leveraging both companies' technologies[28]. - The company aims to revitalize the x86 ecosystem to support evolving market needs, including those driven by various AI applications[28]. - The competitive landscape in the data center CPU market remains intense, with significant competition from AMD, NVIDIA, and custom silicon developers among others[45]. Supply Chain and Manufacturing - The focus on a secure and geographically diversified supply chain is emphasized in light of increased geopolitical tensions[25]. - The company expects supply constraints to persist into 2026, potentially limiting the ability to meet customer demand for CCG and DCAI products[142]. - The semiconductor supply chain remains volatile, with reliance on sole-source providers for critical tools and materials, necessitating close relationships with suppliers to mitigate risks[73]. - The company plans to continue manufacturing the majority of its products in its own factories to optimize performance and meet customer demand, while also streamlining operations by consolidating its Costa Rican assembly and test operations by the end of 2026[31]. Workforce and Organizational Changes - The company had an undesired turnover rate of 7.9% in 2025, compared to 5.9% in 2024[91]. - The company employed 85,100 people as of December 27, 2025, focusing on attracting and retaining top talent[89]. - The 2025 Restructuring Plan led to a 15% reduction in the core Intel workforce, with restructuring charges totaling $2.2 billion, primarily from employee severance and asset impairment[113]. - The company has streamlined organizational structures to enhance agility and accountability, emphasizing technical excellence and customer impact[90]. Environmental Initiatives - The company aims for 95% global renewable electricity use by December 31, 2025, tying executive bonuses to this target[102]. - The company has invested in environmental projects to cut greenhouse gas emissions, energy, and water use[97]. Financial Transactions and Gains - The company divested 51% of Altera for net purchase consideration of $4.3 billion, including $4.8 billion in cash proceeds received in Q3 2025[109]. - The company recorded a $163 million benefit from the reduction of a previously accrued fine of $401 million from 2023, with a guarantee funded by a $340 million deposit[178]. - The company received $5.7 billion in accelerated disbursements under the commercial CHIPS Act agreement[110]. - The company issued 275 million shares to the U.S. Department of Commerce at a price of $20.00 per share as part of the CHIPS Act agreement[110]. - The company completed a share sale to SoftBank Group for 87 million shares at $23.00 per share, totaling $2.0 billion[111]. - The company sold 215 million shares to NVIDIA at $23.28 per share for an aggregate cash purchase price of $5.0 billion[111]. Impairments and Financial Adjustments - The company recognized $3.3 billion in non-cash impairments and accelerated depreciation charges related to manufacturing assets[117]. - Intel incurred $950 million in asset impairments in 2025, significantly lower than the $3.3 billion recognized in 2024[132]. - The company recorded accelerated depreciation charges of $456 million in 2025 due to adjustments in the useful lives of certain manufacturing assets[204]. - The company recognized non-cash impairment charges of $494 million for property, plant, and equipment, while in 2024, the charges amounted to $2.3 billion[206]. Future Outlook - The company anticipates continued momentum in the semiconductor industry, driven by the rapid adoption of AI technologies across multiple sectors[23]. - The company expects a significant decrease in the percentage contribution of Intel Core products to CCG sales in 2026, as sales of Intel Core Ultra processors are anticipated to increase[56]. - Intel expects a hypothetical increase in interest rates of 1% would result in an increase in annual interest expense of approximately $97 million from debt outstanding as of December 27, 2025[196].

Core Insights - Intel's fourth quarter of 2025 showed strong performance with revenue of $13.7 billion, exceeding guidance, and a non-GAAP gross margin of 37.9%, which is 140 basis points above expectations [3][7][19] - The company reported a full-year revenue of $52.9 billion, slightly down year-over-year, but with improved operating leverage and a non-GAAP EPS of $0.42 [6][8] - Intel is focusing on addressing supply constraints while capitalizing on AI-driven demand, with expectations for improved supply availability starting in Q2 2026 [4][20] Financial Performance - Operating cash flow for Q4 was $4.3 billion, with adjusted free cash flow of $2.2 billion, despite a negative adjusted free cash flow of $1.6 billion for the full year [1][9] - Non-GAAP operating expenses decreased by 15% year-over-year to $16.5 billion, contributing to improved cash generation [9] - The company ended 2025 with $37.4 billion in cash and short-term investments, bolstered by various monetization efforts and debt repayment of $3.7 billion [9] Product and Market Developments - Intel launched the Core Ultra Series 3 across over 200 notebook designs, with AI PC units growing by 16% [11][12] - Data Center & AI revenue reached $4.7 billion, up 15% quarter-over-quarter, marking the fastest sequential growth in a decade [5][12] - Custom ASIC revenue grew over 50% in 2025, achieving an annualized run rate of more than $1 billion [13] Future Outlook - For Q1 2026, Intel expects revenue between $11.7 billion and $12.7 billion, with supply constraints anticipated to be most acute [18] - The company aims for a gross margin of approximately 34.5% in Q1, with a long-term goal of reaching around 40% [19] - Intel plans to retire $2.5 billion of debt maturities and expects positive adjusted free cash flow for 2026 [20]

英特尔股价在盘后交易中一度重挫13%，首席执行官陈立武给出的预期平平，并警告称这家芯片制造商 在应对生产问题。 对第一季度的营收和盈利预期均远低于华尔街预测。在与分析师的电话会议上，陈立武表示公司需 要"时间和决心"才能扭转局面，此番言论导致股价进一步下跌。生产环节的障碍阻碍了公司复苏，令原 本期待新产品能带来更大提振的投资者感到失望。 "我们处于一个多年发展阶段，"首席执行官表示。 随着电话会议进行，英特尔股价在盘后交易中一度跌至47.25美元。 该公司表示，第一季度营收预计在117亿美元至127亿美元之间。该区间的中值低于分析师此前预测的 126亿美元。该公司预计，不计特定项目，每股收益将实现盈亏平衡。华尔街此前预测该公司每股收益 为8美分。 第四季度，营收下降4.1%至137亿美元。不计部分项目，每股收益为0.15美元。据汇编的数据，分析师 此前估计销售额为134亿美元，平均每股收益为9美分。 经调整后，季度毛利率为37.9%。预计当前财季这一关键盈利指标将收缩至34.5%。英特尔鼎盛时期 时，其毛利率通常超过60%。 责任编辑：王永生 英特尔股价在盘后交易中一度重挫13%，首席执行官陈立武给出的预期平 ...

US stocks lost their shine on Friday, after chipmaker Intel's (INTC) disappointing financial outlook and a turbulent week stoked by President Trump's heated pursuit of Greenland. The Dow Jones Industrial Average (^DJI) retreated roughly 0.5%. The S&P 500 (^GSPC) fell nearly 0.2%, and the Nasdaq Composite (^IXIC) dipped below the flat line. Intel posted worse-than-expected first quarter guidance late Thursday, weighing on tech sentiment. The chip giant swung to a quarterly loss as it struggled to meet de ...

US stocks were mixed on Friday, as Wall Street capped a turbulent week stoked by President Trump's heated pursuit of Greenland while chipmaker Intel's (INTC) sank after its earnings disappointment. The Dow Jones Industrial Average (^DJI) retreated roughly 0.5%. The S&P 500 (^GSPC) hovered above the flat line, and the Nasdaq Composite (^IXIC) rose 0.5%. Intel posted worse-than-expected first quarter guidance late Thursday, raising concerns about its turnaround. The chip giant swung to a quarterly loss as ...

Group 1: Market Overview - US stock futures declined, with Dow Jones Industrial Average futures down approximately 0.2% and S&P 500 and Nasdaq 100 contracts both dropping 0.1% due to Intel's disappointing earnings [1][2] - The S&P 500 is expected to face back-to-back weekly losses as investor sentiment shifts, despite temporary relief from President Trump's softened rhetoric regarding Greenland and tariffs [3] Group 2: Intel's Performance - Intel reported a quarterly loss and a worse-than-expected outlook, struggling to meet demand for server chips used in AI data centers, leading to a more than 10% drop in shares before the market opened [2][8] - The company's revenue for the third quarter declined 10% year-over-year to $2.6 billion, missing Wall Street estimates of $2.7 billion, although adjusted profits rose to $1.77 per share, surpassing analysts' expectations of $1.27 [6][7] Group 3: Booz Allen Hamilton - Booz Allen Hamilton's stock rose 7% in premarket trading after a significant drop over the past year, indicating a reacceleration of government contracts following cost-cutting efforts [4][5] - The company's sales backlog increased by 2% year-over-year to $38 billion in the third quarter, with the CEO expressing optimism about growth in both national security and civil business sectors [5] Group 4: Emerging Markets and Commodities - Emerging-market stocks and currencies are experiencing a surge as investors shift away from US assets, with the MSCI Emerging Markets Index on track for its longest winning streak since May [15][16] - Gold prices are rising, with forecasts suggesting it could reach $5,400 by the end of 2026, contributing to a strong performance in the precious metals market [3][21]

Group 1: Market Overview - US stocks experienced a decline, with the Dow Jones Industrial Average retreating approximately 0.5%, the S&P 500 falling nearly 0.2%, and the Nasdaq Composite dipping below the flat line [1][7] - The S&P 500 is set for back-to-back weekly losses as investor sentiment shifts following a brief period of gains [3] Group 2: Intel's Financial Performance - Intel reported a disappointing first quarter guidance, resulting in a quarterly loss as it struggled to meet demand for server chips used in AI data centers, leading to a nearly 15% drop in its shares [2][11] - The company's overall revenue for the third quarter declined 10% year over year to $2.6 billion, missing Wall Street estimates of $2.7 billion, although adjusted profits rose to $1.77 per share, surpassing analysts' expectations of $1.27 [10][11] Group 3: Booz Allen Hamilton's Growth - Booz Allen Hamilton's stock rose 7% in premarket trading as the company indicated a reacceleration of contracts following government cost-cutting efforts [8] - The company's sales backlog increased by 2% year over year to $38 billion in the third quarter, with the CEO expressing optimism about growth prospects in both national security and civil business sectors [9] Group 4: Emerging Market Trends - Emerging-market stocks and currencies are experiencing significant inflows as investors seek to diversify away from US assets, with the MSCI Emerging Markets Index on track for its longest winning streak since May [20][22] - Asian technology shares are driving the rally, while other regions are also showing strong performance, with the MSCI EM Latin America Index closing at its highest since April 2018 [21] Group 5: Natural Gas Market - US natural gas futures saw a decline after a record-breaking three-day rally, dropping as much as 7.6% to $4.660 per million British thermal units, despite a previous surge of 63% [25][26]

US stocks wavered on Friday, after chipmaker Intel's (INTC) disappointing financial outlook and a turbulent week stoked by President Trump's heated pursuit of Greenland. The Dow Jones Industrial Average (^DJI) retreated roughly 0.6%. The S&P 500 (^GSPC) hovered above the flat line, and the Nasdaq Composite (^IXIC) rose 0.3%. Intel posted worse-than-expected first quarter guidance late Thursday, weighing on tech sentiment. The chip giant swung to a quarterly loss as it struggled to meet demand for its se ...