Exhibit 99.1

Intel Corporation

2200 Mission College Blvd.

Santa Clara, CA 95054-1549

News Release

Intel Reports Second-Quarter 2023 Financial Results

NEWS SUMMARY

  • Second-quarterrevenue of $12.9 billion, down 15% year over year (YoY).
  • Second-quarterearnings per share (EPS) attributable to Intel was $0.35; non-GAAP EPS attributable to Intel was $0.13.
  • Second-quarterresults on the top and bottom line exceeded the high end of guidance; company continues to execute strategy with momentum across process and product technology and foundry.
  • Forecasting third-quarter 2023 revenue of approximately $12.9 billion to $13.9 billion; expecting third-quarter EPS attributable to Intel of $0.04; non-GAAP EPS attributable to Intel of $0.20.

SANTA CLARA, Calif., July 27, 2023 - Intel Corporation today reported second-quarter 2023 financial results.

"Our Q2 results exceeded the high end of our guidance as we continue to execute on our strategic priorities, including building momentum with our foundry business and delivering on our product and process roadmaps," said Pat Gelsinger, Intel CEO. "We are also well-positioned to capitalize on the significant growth across the AI continuum by championing an open ecosystem and silicon solutions that optimize performance, cost and security to democratize AI from cloud to enterprise, edge and client."

David Zinsner, Intel CFO, said, "Strong execution, including progress towards our $3 billion in cost savings in 2023, contributed to the upside in the 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."

Q2 2023 Financial Highlights

GAAP

Non-GAAP

Q2 2023

Q2 2022

vs. Q2 2022

Q2 2023

Q2 2022

vs. Q2 2022

Revenue ($B)

$12.9

$15.3

down 15%

Gross Margin

35.8%

36.5%

down 0.7 ppt

39.8%

44.8%

down 5 ppts

R&D and MG&A ($B)

$5.5

$6.2

down 12%

$4.7

$5.5

down 14%

Operating Margin

(7.8)%

(4.6)%

down 3.2 ppts

3.5%

9.3%

down 5.8 ppts

Tax Rate

280.5%

50.1%

n/m*

13.0%

13.0%

-

Net Income (loss)

$1.5

$(0.5)

n/m*

$0.5

$1.1

down 52%

Attributable to Intel ($B)

Earnings (loss) Per Share

$0.35

$(0.11)

n/m*

$0.13

$0.28

down 54 %

Attributable to Intel

In the second quarter, the company generated $2.8 billion in cash from operations and paid dividends of $0.5 billion.

* Not meaningful.

Full reconciliations between GAAP and non-GAAP measures are provided below.

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Business Unit Summary

Intel previously announced the organizational change to integrate its Accelerated Computing Systems and Graphics Group into its Client Computing Group and Data Center and AI Group. This change is intended to drive a more effective go-to-market capability and to accelerate the scale of these businesses, while also reducing costs. As a result, the company modified its segment reporting in the first quarter of 2023 to align to this and certain other business reorganizations. All prior-period segment data has been retrospectively adjusted to reflect the way the company internally receives information and manages and monitors operating segment performance starting in fiscal year 2023.

Business Unit Revenue and Trends

Q2 2023

vs. Q2 2022

Client Computing Group (CCG)

$6.8 billion

down

12%

Data Center and AI (DCAI)

$4.0 billion

down

15%

Network and Edge (NEX)

$1.4 billion

down

38%

Mobileye

$454 million

down

1%

Intel Foundry Services (IFS)

$232 million

up

307%

Business Highlights

  • Intel remains on track to meet its goal of achieving five nodes in four years and to regain transistor performance and power performance leadership by 2025. The company announced an industry-first implementation of backside power using Intel PowerVia in a test chip, resulting in notable performance and efficiency gains. PowerVia will be incorporated into Intel 20A, expected to launch in the first half of 2024.
  • IFS announced that Boeing and Northrop Grumman have committed to joining the U.S. Department of Defense's RAMP-C program, led by Intel. The program is intended to assure domestic access to next- generation semiconductors by establishing and demonstrating a U.S.-based foundry ecosystem to develop and fabricate chips on Intel 18A.
  • DCAI announced the general availability of cloud instances of its 4th Gen Intel® Xeon® Scalable processors by Google Cloud. In addition, Intel's AI acceleration capabilities were recognized through third-party validation from MLCommons®, which published MLPerf™ Training performance benchmark data showing that 4th Gen Xeon and Habana® Gaudi®2 are two compelling, open alternatives in the AI market that compete on both performance and price. This follows Intel's recent collaboration with Boston Consulting Group to deliver enterprise-grade, secure generative AI to customers leveraging Intel's Gaudi® and 4th Gen Xeon offerings.
  • In CCG, Intel continued to see strong demand for its 13th Gen Intel® Core™ processor family, with more than 300 designs expected from OEM partners this year. It also announced a collaboration with Microsoft to drive the development of AI on personal computing, and previewed AI-enabled capabilities of Intel's upcoming Meteor Lake client PC processors at Microsoft's Build 2023 conference. In addition, Intel introduced the Intel® Arc™ Pro A60 and Pro A60M as new members of the Intel Arc Pro A-series professional range of graphics processing units (GPUs).
  • For NEX, Intel, Ericsson and HPE successfully demonstrated the industry's first vRAN solution running on the 4th Gen Intel® Xeon® Scalable processor with Intel® vRAN Boost. Intel also recently completed an agreement with Ericsson to partner broadly on its next-generation optimized 5G infrastructure, under which Ericsson will utilize Intel's 18A process technology for its future custom 5G SoC. In addition, Intel and Ericsson will expand the collaboration announced at Mobile World Congress 2023 to accelerate industry- scale open RAN utilizing standard Intel Xeon-based platforms as telcos transform to a foundation of programmable, software-defined infrastructure.
  • Mobileye continued to generate strong profitability in the second quarter and demonstrated traction with its advanced product portfolio by announcing a SuperVision eyes-on,hands-off design win with Porsche and a mobility-as-a-service collaboration with Volkswagen Group that will soon begin testing.

Intel continues to strategically invest in manufacturing capacity to further advance IDM 2.0, and during the quarter announced the selection of Wrocław, Poland, as the site of a new cutting-edge semiconductor assembly and test facility. This facility, in which Intel expects to invest as much as $4.6 billion, will help meet critical demand for assembly and test capacity that Intel anticipates by 2027. Additionally, Intel and the German federal government signed a revised letter of intent for Intel's planned leading-edge wafer fabrication site in Magdeburg, Germany. The agreement encompasses Intel's expanded investment in the site, now expected to be more than 30 billion euros for

Intel/Page 3

two first-of-a-kind semiconductor facilities in Europe, along with increased government support that includes incentives. Together, these investments represent a major step toward a balanced and resilient supply chain for Europe.

Intel also agreed to sell an approximately 20% stake in its IMS Nanofabrication GmbH business to Bain Capital Special Situations in a transaction that values IMS at approximately $4.3 billion. This investment will position IMS to capture the significant market opportunity for multi-beam mask writing tools, which are critical to the semiconductor ecosystem for enabling EUV (extreme ultraviolet lithography) technology, by accelerating innovation and enabling deeper cross-industry collaboration.

Q3 2023 Dividend

The company announced that its board of directors declared a quarterly dividend of $0.125 per share on the company's common stock, which will be payable on Sept. 1, 2023, to shareholders of record as of Aug. 7, 2023.

Business Outlook

Intel's guidance for the third quarter of 2023 includes both GAAP and non-GAAP estimates. Reconciliations between GAAP and non-GAAP financial measures are included below.*

Q3 2023

GAAP*

Non-GAAP*

Approximately

Approximately

Revenue

$12.9-13.9 billion

$12.9-13.9 billion^

Gross margin

39.1%

43.0%

Tax rate

224%

13%

Earnings (loss) per share attributable to Intel - diluted

$0.04

$0.20

Actual results may differ materially from Intel's Business Outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below.

*Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. When compared to the estimated useful life in place as of the end of 2022, Intel expects total depreciation expense in 2023 to be reduced by $4.2 billion. Intel expects this change will result in an approximately $2.5 billion increase to gross margin, a $400 million decrease in R&D expenses and a $1.3 billion decrease in ending inventory values.

Earnings Webcast

Intel will hold a public webcast at 2 p.m. PDT today to discuss the results for its second-quarter 2023. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The corresponding earnings presentation and webcast replay will also be available on the site.

  • No adjustment on a non-GAAP basis.

Intel/Page 4

Forward-Looking Statements

This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate," "achieve," "aim," "ambitions," "anticipate," "believe," "committed," "continue," "could," "designed," "estimate," "expect," "forecast," "future," "goals," "grow," "guidance," "intend," "likely," "may," "might," "milestones," "next generation," "objective," "on track," "opportunity," "outlook," "pending," "plan," "position," "potential," "possible," "predict," "progress," "ramp," "roadmap," "seeks," "should," "strive," "targets," "to be," "upcoming," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:

  • our business plans and strategy and anticipated benefits therefrom, including with respect to our IDM 2.0 strategy, our partnership with Brookfield, the transition to an internal foundry model, updates to our reporting structure and our AI strategy;
  • projections of our future financial performance, including future revenue, gross margins, capital expenditures, and cash flows;
  • projected costs and yield trends;
  • future cash requirements and the availability, uses, sufficiency, and cost of capital resources, and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders, such as stock repurchases and dividends;
  • future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics and expectations regarding product and process leadership;
  • investment plans, and impacts of investment plans, including in the US and abroad;
  • internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
  • future production capacity and product supply;
  • supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
  • plans and goals related to Intel's foundry business, including with respect to future manufacturing capacity and foundry service offerings, including technology and IP offerings;
  • expected timing and impact of acquisitions, divestitures, and other significant transactions, including our proposed acquisition of Tower Semiconductor Ltd. and the sale of our NAND memory business;
  • expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives, including those related to the 2022 Restructuring Program;
  • future social and environmental performance goals, measures, strategies and results;
  • our anticipated growth, future market share, and trends in our businesses and operations;
  • projected growth and trends in markets relevant to our businesses;
  • anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages and constraints;
  • expectations regarding government incentives;
  • future technology trends and developments, such as AI;
  • future macro environmental and economic conditions, including regional or global downturns or recessions;
  • future responses to and effects of COVID-19, including as to manufacturing, transportation and operational restrictions and disruptions and broader economic conditions;
  • geopolitical conditions, including the impacts of Russia's war on Ukraine and rising tensions between the U.S. and China;
  • tax- and accounting-related expectations;
  • expectations regarding our relationships with certain sanctioned parties; and
  • other characterizations of future events or circumstances.

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including:

  • changes in demand for our products;

Intel/Page 5

  • changes in product mix;
  • the complexity and fixed cost nature of our manufacturing operations;
  • the high level of competition and rapid technological change in our industry;
  • the significant upfront investments in R&D and our business, products, technologies, and manufacturing capabilities;
  • vulnerability to new product development and manufacturing-related risks, including product defects or errata, particularly as we develop next generation products and implement next generation process technologies;
  • risks associated with a highly complex global supply chain, including from disruptions, delays, trade tensions, or shortages;
  • sales-relatedrisks, including customer concentration and the use of distributors and other third parties;
  • potential security vulnerabilities in our products;
  • cybersecurity and privacy risks;
  • investment and transaction risk;
  • IP risks and risks associated with litigation and regulatory proceedings;
  • evolving regulatory and legal requirements across many jurisdictions;
  • geopolitical and international trade conditions;
  • our debt obligations;
  • risks of large scale global operations;
  • macroeconomic conditions;
  • impacts of the COVID-19 or similar such pandemic;
  • other risks and uncertainties described in this release, our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission (SEC).

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third- party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel's innovations, go to newsroom.intel.com and intel.com.

  • Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

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Intel Corporation published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 20:03:04 UTC.