New Delhi: Chip-maker Intel has registered $15.4 billion in revenue in its fourth quarter (Q4) of 2023, up 10 percent year-over-year (YoY). The full-year revenue was $54.2 billion, down 14 percent YoY from $63.1 billion a year ago.
Intel’s consumer chips witnessed 33 percent gains ($8.8 billion revenue) and the company saw “record performance notebook shipments in the quarter.” The company made $2.66 billion in profit in Q4, up from $796 million loss in the same period last year.
“We delivered strong Q4 results, surpassing expectations for the fourth consecutive quarter with revenue at the higher end of our guidance,” said Pat Gelsinger, Intel CEO. “In 2024, we remain relentlessly focused on achieving process and product leadership, continuing to build our external foundry business and at-scale global manufacturing, and executing our mission to bring AI everywhere as we drive long-term value for stakeholders,” he added. .
According to David Zinsner, Intel CFO, the company continued to drive operational efficiencies in the fourth quarter, and comfortably achieved its commitment to deliver $3 billion in cost savings in 2023.
“We expect to unlock further efficiencies in 2024 and beyond as we implement our new internal foundry model, which is designed to drive greater transparency and accountability and higher returns on our owners’ capital,” Zinsner added.
For the full year, the company generated $11.5 billion in cash from operations and paid dividends of $3.1 billion. In client computing, Intel ushered in the age of the AI PC with Intel Core Ultra processors. Built on Intel 4, the Intel Core Ultra processor is Intel’s most AI-capable and power-efficient client processor with dedicated acceleration capabilities across the CPU, GPU and NPU.