“Every release gets better to cover more of the accelerator marketplace,” Gelsinger said. Intel continues to make investments in graphics processing units (GPUs) and it has a healthy order volume for its Gaudi GPUs/accelerators. Overall Client Computing Group revenue was lower on the contraction of the larger market and computer maker inventory reductions. In this group, Intel is on track to launch its Meteor Lake PRQ in Q3 to bring AI to the PC at scale, and it will launch its code-named Arrow Lake and Lunar Lake processors in 2024. The Client Computing Group reported Q2 revenues of $6.78 billion, down from $7.68 billion a year ago, with a profit of $1.04 billion, up from a profit of $876 million a year ago. “Simply put, it was a very good quarter,” he said. Gelsinger said he believes Intel has worked through inventory issues and he believes that Intel is regaining lost market share. CHIPS Act, which will subsidize semiconductor manufacturing investments. Intel has a $20 million expansion under way in Arizona for a chip factory and it is filing papers for three more submissions related to the U.S. He also said Intel has made gains with advanced packaging with its innovation on PowerVia “ backside power,” which runs power through the back side of a chip instead of the front. “We continue to make good progress on our five nodes in four years,” he said. In an analyst call, Gelsinger said he was encouraged at the company’s progress with manufacturing investments. For Q3 guidance, Intel said it expects to report non-GAAP earnings per share of 20 cents on revenue of $12.9 billion to $13.9 billion. Intel closed the quarter with 122,200 employees, down from 128,200 a year ago and 125,500 in the first quarter. We remain focused on operational efficiencies and our Smart Capital strategy to support sustainable growth and financial discipline as we improve our margins and cash generation and drive shareholder value.” Intel PowerVia brings power through the backside of a chip. Gelsinger said Intel is on track to deliver $3 billion in cost savings in 2023.ĭavid Zinsner, Intel CFO, said in a statement, “Strong execution, including progress towards our $3 billion in cost savings in 2023, contributed to the upside in the quarter. Intel also faces heavy competition from Advanced Micro Devices (AMD), which has designed more innovative chips than Intel and gained market share for years now. Gelsinger returned to Intel in 2021 as CEO in an attempt to turn Intel around after several hard years of manufacturing delays.
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