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Intel Reports First-Quarter GAAP Revenue of $13.7 Billion; Non-GAAP Revenue of $13.8 Billion

News Summary:

  • Revenue increased year-over-year, driven by growth in an expanded portfolio of businesses
  • Strength in Data Center and Internet of Things Groups' revenue, and a strong start for the Programmable Solutions Group (formerly Altera) helped offset PC market and macro-economic challenges
  • Intel announces restructuring initiative to accelerate Intel's transformation from a PC company to one that powers the cloud and billions of smart, connected computing devices
  • Intel Chief Financial Officer (CFO) Stacy Smith will transition to a new role leading sales, manufacturing and operations once his successor is in place

SANTA CLARA, Calif., April 19, 2016 -- Intel Corporation today reported first-quarter GAAP revenue of $13.7 billion, operating income of $2.6 billion, net income of $2.0 billion and EPS of 42 cents. Intel reported non-GAAP revenue of $13.8 billion, operating income of $3.3 billion, net income of $2.6 billion and EPS of 54 cents. The company generated approximately $4.0 billion in cash from operations, paid dividends of $1.2 billion, and used $793 million to repurchase 27 million shares of stock.

"Our first-quarter results tell the story of Intel's ongoing strategic transformation, which is progressing well and will accelerate in 2016," said Brian Krzanich, Intel CEO. "We are evolving from a PC company to one that powers the cloud and billions of smart, connected computing devices."

Intel also today announced a CFO succession plan. The current CFO, Smith, will transition to a new role at the company, leading sales, manufacturing and operations once his successor is in place. The company is beginning a formal search process for a new CFO that will assess both internal and external candidates. Smith will remain firmly focused on his CFO role and duties throughout the search and transition process.

"We are excited to have Stacy take on this new role, leveraging the deep expertise and strong leadership skills that he has developed over his 28-year career at Intel," said Krzanich.

Q1 Key Business Unit Trends*

  • Client Computing Group revenue of $7.5 billion, down 14 percent sequentially and up 2 percent year-over-year
  • Data Center Group revenue of $4.0 billion, down 7 percent sequentially and up 9 percent year-over-year
  • Internet of Things Group revenue of $651 million, up 4 percent sequentially and up 22 percent year-over-year
  • Non-Volatile Memory Solutions Group revenue of $557 million, down 15 percent sequentially and down 6 percent year-over-year
  • Intel Security Group revenue of $537 million, up 5 percent sequentially and up 12 percent year-over-year
  • Programmable Solutions Group revenue of $359 million, which does not include $99 million of revenue as a result of acquisition-related adjustments.

* The first quarter of 2016 had 14 weeks of business versus the typical 13 weeks, as the company realigned its fiscal year with the calendar year.

GAAP Financial Comparison
Quarterly Year-Over-Year
  Q1 2016 Q1 2015 vs. Q1 2015
Revenue $13.7 billion $12.8 billion up 7%
Gross Margin 59.3% 60.5% down 1.2 points
R&D and MG&A $5.5 billion $4.9 billion up 11%
Operating Income $2.6 billion $2.6 billion flat
Tax Rate 18.4% 25.5% down 7.1 points
Net Income $2.0 billion $2.0 billion up 3%
Earnings Per Share 42 cents 41 cents up 2%

 

Non-GAAP Financial Comparison
Quarterly Year-Over-Year
  Q1 2016 Q1 2015 vs. Q1 2015
Revenue $13.8 billion $12.8 billion ^ up 8%
Gross Margin 62.7% 61.4% up 1.3 points
R&D and MG&A $5.4 billion $4.9 billion ^ up 9%
Operating Income $3.3 billion $2.9 billion up 13%
Tax Rate 18.4% ^ 25.5% ^ down 7.1 points
Net Income $2.6 billion $2.2 billion up 19%
Earnings Per Share 54 cents 45 cents up 20%

 

GAAP Financial Comparison
Quarterly Sequential
  Q1 2016 Q4 2015 vs. Q4 2015
Revenue $13.7 billion $14.9 billion down 8%
Gross Margin 59.3% 64.3% down 5.0 points
R&D and MG&A $5.5 billion $5.2 billion up 4%
Operating Income $2.6 billion $4.3 billion down 40%
Tax Rate 18.4% 16.0% up 2.4 points
Net Income $2.0 billion $3.6 billion down 43%
Earnings Per Share 42 cents 74 cents down 43%

 

Non-GAAP Financial Comparison
Quarterly Sequential
  Q1 2016 Q4 2015 vs. Q4 2015
Revenue $13.8 billion $14.9 billion ^ down 7%
Gross Margin 62.7% 64.8% down 2.1 points
R&D and MG&A $5.4 billion $5.2 billion ^ up 3%
Operating Income $3.3 billion $4.4 billion down 26%
Tax Rate 18.4% ^ 16.0% ^ up 2.4 points
Net Income $2.6 billion $3.7 billion down 29%
Earnings Per Share 54 cents 76 cents down 29%

Intel Corporation

Symbol: INTC
31.47 9:48 AM ET
05/31/16
-0.11 (-0.33%)
Volume 1.80 B
Market Cap 148.51 B
52 Week High 35.59
52 Week Low 24.87

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