业绩喜忧参半，昔日芯片巨头计划大"瘦身"。 今年上半年，英特尔股价经历了大幅震荡，不过6月来开启回升。 截至24日收盘，年初至今累计涨幅约13%，目前总市值约为990亿美元。 周五美股盘前，英特尔跌幅超8%，报20.96美元。 Q2业绩喜忧参半 英特尔Q2营收稳健但亏损扩大。 最新财报显示，英特尔第二季度营收128.6亿美元，同比接近持平，高于市场预期的118.8亿美元。 不过值得一提的是，二季度公司净亏损扩大至29.2亿美元，同比下降81%，较去年同期的16.1亿美元亏 损进一步恶化。 这也是其连续第六个季度录得亏损，创下35年来最长连续亏损纪录。 二季度，英特尔调整后每股亏损0.10美元，不及华尔街预期的每股收益0.01美元。 经调整毛利率29.7%，较上年同期的38.7%下滑9个百分点，亦远低于预期的36.6%。 分业务来看，客户端计算（CCG）营收79亿美元，同比下滑3%，反映PC市场需求疲软； 核心的数据中心与AI（DCAI）营收39亿美元，同比增长4%，主要受益于AI服务器芯片需求210； 代工业务（Intel Foundry）营收44亿美元，同比增长3%，但运营亏损达31.7亿美元，同比扩大46 ...

Core Insights - The company reported Q2 2025 earnings that exceeded the upper guidance range, indicating robust demand across its business segments and effective execution [2] - The company is undergoing significant organizational restructuring, including a plan to reduce its workforce by approximately 15%, aiming to enhance efficiency and accountability [2] - The company is focusing on three strategic pillars to strengthen market competitiveness and drive long-term profitability [3] Group 1: Operational Efficiency - The company is implementing a disciplined approach to its foundry business, aiming to streamline factory operations and align capacity with customer demand [5] - Plans to halt previously planned projects in Germany and Poland, while consolidating operations in Costa Rica with larger facilities in Vietnam and Malaysia [5] - The company is slowing down the construction of its Ohio facility to ensure spending aligns with demand while maintaining flexibility for future customer acquisition [5] Group 2: Technology Development - The primary focus is on advancing the Intel 18A process technology for mass production, which is critical for future wafer capacity [6] - The first processor using the Intel 18A process, Panther Lake, is set to launch later this year, enhancing the appeal of the foundry services to external customers [6] - The company is collaborating closely with major external clients to develop the Intel 14A process node, ensuring investments are based on confirmed customer orders [6] Group 3: Product Strategy - The company aims to revitalize its x86 ecosystem by enhancing market growth in core client and server segments [7] - Panther Lake is prioritized for client devices, while Nova Lake is under development for high-end desktop markets [7] - In the data center segment, the company is focused on the large-scale shipment of Intel® Xeon® 6 processors and reintroducing simultaneous multithreading (SMT) technology to improve performance [8] Group 4: AI Strategy - The company is shifting towards a comprehensive chip, system, and software stack strategy for AI development, moving away from traditional silicon-centric approaches [9] - The focus will be on breakthrough areas such as inference and Agentic AI, with ongoing projects aimed at meeting emerging AI workload demands [9] Group 5: Future Outlook - The company emphasizes the need for urgency, discipline, and focus to shape its future, believing that the operational performance in Q2 is a step in the right direction [10]

Core Viewpoint - Intel's CEO emphasizes the company's strong second-quarter performance and outlines a strategic plan to enhance operational efficiency, streamline the organization, and focus on key growth areas to regain market share and drive long-term profitability [5][6][12]. Group 1: Financial Performance - Intel reported revenues exceeding the upper limit of its guidance for Q2 2025, indicating robust demand across its business segments and effective execution by the team [5]. - The company is implementing a plan to reduce its workforce by approximately 15%, aiming to lower the total global employee count to around 75,000 by the end of the year [5]. Group 2: Organizational Changes - The company is undergoing significant organizational restructuring to enhance efficiency and accountability, which includes a reduction of about 50% in management levels [5][6]. - Intel is also preparing for a return to office policy by September, ensuring that all locations are ready for full operational status [5]. Group 3: Strategic Focus Areas - Intel has identified three key areas for strategic focus: 1. **Foundry Business**: The company aims to establish a disciplined approach to its foundry operations, halting previously planned projects in Germany and Poland, and integrating operations in Costa Rica with larger facilities in Vietnam and Malaysia [7]. 2. **Revitalizing x86 Ecosystem**: Intel plans to enhance its market share in core client and server segments, focusing on the Panther Lake processor for consumer and commercial laptops, and reintroducing simultaneous multithreading (SMT) technology in data center products [10]. 3. **Optimizing AI Strategy**: The company is shifting its AI strategy to focus on a unified chip, system, and software stack, targeting emerging AI workloads and developing differentiated solutions [11]. Group 4: Future Outlook - Intel's leadership expresses confidence in the company's direction, emphasizing the need for urgency, discipline, and focus to build a new Intel in the evolving semiconductor landscape [12].