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Intel
🇺🇸 NASDAQ:INTC
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Jun 26, 2021

Intel Q2 2021 Earnings Report

Intel's Q2 2021 financial results were reported, revealing flat GAAP revenue and increased non-GAAP revenue, both exceeding guidance. EPS also surpassed expectations, and full-year guidance was raised.

Key Takeaways

Intel reported second-quarter GAAP revenue of $19.6 billion, flat year over year, and non-GAAP revenue of $18.5 billion, up 2% year over year, exceeding April guidance by $700 million. GAAP earnings per share (EPS) was $1.24, and non-GAAP EPS was $1.28, which exceeded April guidance by $0.23. The company is raising full-year 2021 guidance, now expecting GAAP revenue of $77.6 billion and non-GAAP revenue of $73.5 billion; GAAP EPS of $4.09 and non-GAAP EPS of $4.80.

Second-quarter GAAP revenue was $19.6 billion, flat year over year, while non-GAAP revenue reached $18.5 billion, a 2% increase year over year and $700 million above guidance.

GAAP EPS for the second quarter was $1.24; non-GAAP EPS was $1.28, exceeding April guidance by $0.23.

Q2 guidance for revenue, EPS, and gross margin were exceeded; record Q2 revenue was achieved in PC and Mobileye businesses.

Full-year 2021 guidance was raised, with GAAP revenue now expected to be $77.6 billion and non-GAAP revenue at $73.5 billion; GAAP EPS is projected at $4.09 and non-GAAP EPS at $4.80.

Total Revenue
$19.6B
Previous year: $19.7B
-0.5%
EPS
$1.28
Previous year: $1.23
+4.1%
Gross Profit
$11.2B
Previous year: $10.5B
+6.7%
Cash and Equivalents
$4.75B
Previous year: $8.74B
-45.7%
Free Cash Flow
$5.34B
Previous year: $10.6B
-49.6%
Total Assets
$155B
Previous year: $153B
+1.3%

Intel

Intel

Intel Revenue by Segment

Forward Guidance

Intel's guidance for the third quarter includes GAAP revenue of approximately $19.1 billion and non-GAAP revenue of approximately $18.2 billion. The gross margin is expected to be 53% (GAAP) and 55% (non-GAAP), with a tax rate of 4%. Earnings per share are projected at $1.08 (GAAP) and $1.10 (non-GAAP). For the full year, revenue is expected to be approximately $77.6 billion (GAAP) and $73.5 billion (non-GAAP), with gross margin at 54.2% (GAAP) and 56.5% (non-GAAP), and a tax rate of 16% (GAAP) and 11% (non-GAAP). Earnings per share are estimated at $4.09 (GAAP) and $4.80 (non-GAAP). Full-year capital spending is projected to be $19.0-20.0 billion, with free cash flow at $11.0 billion.

Positive Outlook

  • Gross Margin (Non-GAAP): Approximately 55%
  • Tax rate: 4%
  • Earnings per share (Non-GAAP): $1.10
  • Revenue: Approximately $77.6 billion (GAAP)
  • Gross Margin: 54.2% (GAAP)

Challenges Ahead

  • Revenue: $19.1 billion (GAAP)
  • Earnings per share: $1.08
  • Capital spending: $19.0-20.0 billion
  • Tax rate: 16% (GAAP)
  • N/A

Company Overview

Full financial data and analysis

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