Intel Corporation Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Revenue of $18.3 billion, exceeding guidance by approximately $100 million but down 4% year-over-year.
  • EPS of $1.11, slightly above guidance by $0.01.
  • Data-centric revenue fell 10% year-over-year to $8.5 billion; PC-centric revenue rose 1% year-over-year to $9.8 billion.
  • Record notebook sales driven by strong work-from-home and learn-from-home demand.
  • Significant COVID-related headwinds persisted, especially in data center enterprise and government segments.

Operational & Strategic Progress

Execution and Product Leadership

  • Launch of 11th Gen Intel Core (Tiger Lake) with Intel Iris Xe graphics. Now expecting 100 design wins by year-end, doubling April expectations.
  • Launch of Evo platform brand for premium thin-and-light laptops, with 40 designs expected by year-end.
  • Ice Lake (3rd Gen Xeon Scalable) qualification targeted for end of Q4, with volume ramp in Q1. Oracle to utilize Ice Lake for next-gen HPC cloud instances.
  • GPU roadmap advancing: DG1 shipping in Q4, DG2 powered on and targeted at gaming enthusiasts.
  • Habana Labs integration progressing: inference cards in production; training cards in cloud PoCs.
  • OneAPI spec 1.0 released; gold release expected in Q4.

Diversification and Growth Initiatives

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the Q3 2020 Intel Corporation Earnings Conference. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your host Director of Investor Relations, Trey Campbell. Sir, please go ahead. Trey Campbell: Thank you operator and welcome everyone to Intel's third quarter earnings conference call. By now, you should have received a copy of our earnings release and the earnings presentation. If you've not received both documents, they're available on our investor website intc.com. The earnings presentation is also available in the webcast window for those joining us online. I'm joined today by our CEO, Bob Swan; and our CFO, George Davis. In a moment, we'll hear brief remarks from both of them followed by Q&A. Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it and as such does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially. A brief reminder that this quarter we have provided both GAAP and non-GAAP financial measures. Today, we will be speaking to the non-GAAP fina

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