Intel Reports Record $16.6 Billion Loss

Intel has reported a record loss of $16.6 billion for Q3 2024, largely due to restructuring and impairment charges totaling over $18 billion as the company continues to navigate significant layoffs and declining CPU sales. This loss marks a stark contrast to the $297 million profit reported during the same period last year. Despite the financial struggles, Intel's revenue slightly increased to $13.3 billion from the previous quarter, though it remains 6% lower than last year. CEO Pat Gelsinger emphasized that the majority of the workforce reductions, aimed at cutting costs by $10 billion by 2025, have been completed, suggesting a potential turning point for the company. The data center and AI segments showed some growth, but challenges persist with underperforming products compared to competitors like AMD and Qualcomm. Looking ahead, Intel forecasts revenues between $13.3 billion and $14.3 billion for Q4, indicating cautious optimism as the company seeks to stabilize its operations.