Intel(US:INTC) 美股IPO·2025-10-23 23:28Core Viewpoint - Intel's third-quarter revenue shows a year-on-year growth for the first time in a year and a half, with net profit returning to profitability for the first time since the end of 2023, and gross margin reaching a one-and-a-half-year high [1][15][16] Financial Performance - Revenue: In Q3, Intel reported revenue of $13.7 billion, a 3% year-on-year increase, exceeding analyst expectations of $13.2 billion and Intel's guidance of $12.6 to $13.6 billion [6] - EPS: The adjusted EPS for Q3 was $0.23, significantly higher than the expected $0.01 and Intel's guidance of zero, compared to a loss of $0.10 in Q2 [7][15] - Gross Margin: The adjusted gross margin for Q3 was 40.0%, surpassing the expected 35.7% and Intel's guidance of 36.0%, up from 29.7% in Q2 and 18% in the same period last year [8][16] - Operating Margin: The adjusted operating margin for Q3 was 11.2%, compared to -3.9% in Q2 and -17.8% in the same period last year [8] Business Segment Performance - Client Computing Group (CCG): Q3 revenue was $8.5 billion, a 5% year-on-year increase, exceeding analyst expectations of $8.2 billion, and recovering from a 3% decline in Q2 [8][19] - Data Center and AI (DCAI): Q3 revenue was $4.1 billion, a 1% year-on-year decrease, slightly above analyst expectations of $3.97 billion, and down from a 4% increase in Q2 [9] - Foundry: Q3 revenue was $4.2 billion, a 2% year-on-year decrease, compared to a 3% increase in Q2 [10] Future Guidance - Q4 Revenue Guidance: Intel's revenue guidance for Q4 is between $12.8 billion and $13.8 billion, slightly below analyst expectations of $13.44 billion, but this guidance excludes revenue from the recently divested Altera business [12][20] - Q4 EPS Guidance: The expected adjusted EPS for Q4 is $0.08 [13] - Q4 Gross Margin Guidance: The expected adjusted gross margin for Q4 is 36.5% [14] Investment and Support - Recent Investments: Intel has secured $5.7 billion from the U.S. government and $5 billion from NVIDIA, contributing to a total of $15.9 billion in external financing over the past three months [17][22] - Strategic Partnerships: Intel is collaborating with NVIDIA to develop custom data center and PC products, with NVIDIA agreeing to invest $5 billion in Intel [24][25] Market Outlook - Supply Demand: Intel's CFO indicated that chip demand is strong, leading to supply constraints, particularly due to data center operators needing to upgrade CPUs to keep pace with advanced AI chip applications [18] - Investor Sentiment: Analysts suggest that investors are focusing on Intel's future potential rather than past performance, with government support for domestic chip manufacturing seen as a long-term positive factor [28]