Intel (INTC) shared its Q3 2022 earnings report and included in the report are details including how the company’s earnings results beat EPS expectations. GAAP earnings per share (EPS) was reported at $0.25 while non-GAAP EPS came in at $0.59. Meanwhile, GAAP revenue for Q3 was down 20 percent year over year (YoY) at $15.3 billion with non-GAAP revenue also at $15.3 billion down 15 percent YoY.
Other details include how the company is focused on “driving $3 billion in cost reductions in 2023” along with “growing to $8 billion to $10 billion in annualized cost reductions and efficiency gains by the end of 2025.” Meanwhile, Intel is revising its full-year revenue guidance to $63 billion to $64 billion due to macroeconomic headwinds.
“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter,” said Intel CEO, Pat Gelsinger. “To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.”
For more on Intel’s Q3 2022 earnings, be sure to read through the full report. And for more on Intel, check out some of our previous coverage including AMD surpassing Intel (INTC) in market capitalization back in August, and Intel blaming Congress for a potential Ohio chip factory delay.