虽然英特尔未在财报中公布重大产品开发进展，但几项业务里程碑值得关注。英特尔已完成剥离 NAND业务，最后阶段于3月出售给SK海力士，涉及约4000名员工转为非英特尔员工。此外，英特尔 正向私募股权公司Silver Lake出售FPGA制造商Altera的多数股权，保留49%的少数股权，交易对 Altera的估值达87.5亿美元。英特尔还完成了网络与边缘事业群（NEX）的解散，边缘业务并入客户 端计算事业群（CCG），网络业务则整合至数据中心与人工智能事业群（DCAI）。 从财务角度看，2025年第一季度英特尔的亏损在季度和年度基础上均加剧。127亿美元的收入同比基 本持平，但更高的销售成本（部分因客户端业务更多使用台积电）、投资损失和税收导致公司进一 步陷入亏损，按GAAP计算亏损8.87亿美元。按非GAAP计算，情况略好，英特尔实现5.8亿美元盈 利，表明核心业务尚未完全陷入困境。然而，收购、重组和薪酬成本对整体业务造成了实质性影 响。毛利率全面下降，GAAP毛利率为36.9%，虽优于2023年第三季度的低谷，但低于近年平均水 平。非GAAP毛利率为39.2%，但同比下降幅度更大。值得注意的是，英特尔超出第 ...

Core Viewpoint - Intel is unlikely to benefit significantly from the current trade policies and economic uncertainty may negatively impact demand for its products, particularly in the PC and data center markets [1][2]. Financial Guidance - Intel's revenue guidance for Q2 is projected between $11.2 billion and $12.4 billion, a decrease from $12.7 billion in Q1, reflecting high uncertainty in demand [2]. Demand Shifts - There has been an unexpected shift in the laptop market towards older Intel products, with increased demand for Raptor Lake systems and decreased demand for newer Meteor Lake and Lunar Lake systems due to their higher price points [3][4]. Gross Margin Impact - The shift to older laptop CPUs is positively affecting gross margins as Raptor Lake chips are produced in-house on a mature process, while newer chips have higher production costs and are partially outsourced [4][5]. Production Capacity Constraints - Intel faces production capacity constraints for its Intel 7 process, limiting the ability to meet demand for Raptor Lake chips, which may persist in the foreseeable future [5]. Commercial vs Consumer Market - Newer chips are performing better in the commercial PC market due to the end of Windows 10 support, with expectations that this demand will eventually extend to the consumer market, although economic conditions remain uncertain [5]. Upcoming Product Launch - The launch of Panther Lake is on track, with plans to introduce some SKUs by the end of the year, utilizing the new Intel 18A process node, which is expected to enhance performance and efficiency [6][7]. Importance of Panther Lake - The success of Panther Lake is crucial for Intel's product turnaround and the success of its foundry business, with significant reliance on the Intel 18A process node amidst challenging economic conditions [8].

英特尔于北京时间 2025 年 4 月 25 日上午的美股盘后发布了 2025 年第一季度财报（截止 2025 年 3 月），如下： 以下是 Intel 2025 年第一季度财报电话会纪要，财报解读请移步《英特尔：左手卖资产、右手裁员，换帅自救能成吗？》 | | | | | | Intel (INTC.O) FY25Q1 Financial Performance | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in US$ million) | | | | | | | | | | | | | | | | 1Q23A | 2023A | 3023A | 4Q23A | 1024A | 2Q24A | 3Q24A | 4Q24A | 1Q25A | Consensus | A vs Cons | | Overview | Total Revenue | 11,715 | 12,949 | 14,158 | 15,406 | 12,724 | 12,833 | 13 ...