Intel(US:INTC) 傅里叶的猫·2025-05-01 14:49Core Viewpoint - Intel experienced significant turmoil in 2024, facing intense competition in the chip design and manufacturing market, leading to substantial losses. In 2025, under new CEO Lip-Bu Tan, the company is taking measures to address systemic issues and streamline operations, although a full turnaround will take several quarters [1][10]. Financial Performance - In Q1 2025, Intel reported revenue of $12.7 billion, flat year-over-year but down 11% quarter-over-quarter. The gross margin was 36.9%, a decline of 4.1 percentage points year-over-year and 2.3 percentage points quarter-over-quarter. The net loss was $888 million, a 115% decrease year-over-year and a 604% decline quarter-over-quarter [2][3]. - Despite the losses, Intel achieved a non-GAAP profit of $580 million, indicating that core operations are not entirely in distress. However, restructuring and compensation costs have significantly impacted overall performance [3]. Business Unit Developments - Intel's Foundry division generated $4.7 billion in revenue, a 7% increase year-over-year, but faced an operating loss of $2.3 billion, with an operating margin of -50%. The division is striving to become a key player in the contract manufacturing space [4][5]. - The Data Center and AI Group (DCAI) reported revenue of $4.1 billion, an 8% increase year-over-year, with operating income of $575 million and an operating margin of 13.9%, marking the best performance in over a year. AI hardware sales were below expectations, but CPU and storage sales exceeded forecasts [7]. - The Client Computing Group (CCG), Intel's primary revenue source, saw revenue of $7.6 billion, an 8% decline year-over-year, with operating income of $2.4 billion and an operating margin of 30.9%. The group absorbed the edge computing business, but overall performance was affected by inherited underperforming product lines [8]. Strategic Changes - Intel completed the divestiture of its NAND business, selling it to SK Hynix, and is in the process of selling a majority stake in FPGA manufacturer Altera to Silver Lake, retaining 49% ownership. The valuation for Altera is approximately $8.75 billion [2][9]. - The company is also restructuring its operations, with plans to reduce capital expenditures from $20 billion to $18 billion and operating expenses by $500 million to $17 billion in 2025, with further reductions planned for 2026 [10]. Future Outlook - Intel's Q2 2025 revenue outlook is projected at $11.8 billion (±$600 million), with GAAP and non-GAAP gross margins expected to be 34.3% and 36.5%, respectively. The company anticipates challenges due to U.S. trade policies and potential economic downturns [9][10].