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Intel’s (NASDAQ: INTC) Q1 2024 net income soars 86% as margins improve

Image source: Pexels

Highlights

Intel Corporation (NASDAQ: INTC) specialises in designing, developing, manufacturing, marketing, and selling computing and related products and services on a global basis.

In the first quarter of 2024, Intel’s total revenue surged by 9% to US$12.7 billion, compared to the prior corresponding period. The surge in revenue was backed by a stable demand for the company’s products and services. The company also demonstrated improved profitability as gross margin expanded to 41.0% on a GAAP basis and 45.1% on a non-GAAP basis, indicating a considerable increment of 6.8 and 6.7 percentage points, respectively. Moreover, the company’s net income for the quarter was US$ 0.8 billion, marking an 86% upturn from the previous year. This led to a notable boost in earnings per share to US$ 0.18, indicating enhanced profitability.

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