Advanced Computing in the Age of AI | Saturday, July 31, 2021

Intel Reports First Quarter 2021 Financial Results 

April 23, 2021 -- Intel Corporation has reported first-quarter 2021 financial results.

In brief:

▪       First-quarter GAAP revenue of $19.7 billion, down 1 percent year over year (YoY), and non-GAAP revenue of $18.6 billion, flat YoY, which exceeded January guidance by $1.1 billion.

▪       First-quarter GAAP earnings-per-share (EPS) was $0.82; non-GAAP EPS was $1.39, which exceeded January guidance by $0.29.

▪       In Q1, Intel CEO Pat Gelsinger unveiled the company's new, differentiated IDM 2.0 strategy for manufacturing, innovation and product leadership.

▪       Raising full-year 2021 guidance. Now expecting GAAP revenue of $77.0 billion and non-GAAP revenue of $72.5 billion; GAAP EPS of $4.00 and non-GAAP EPS of $4.60.1

“Intel delivered strong first-quarter results driven by exceptional demand for our leadership products and outstanding execution by our team. The response to our new IDM 2.0 strategy has been extraordinary, our product roadmap is gaining momentum, and we’re rapidly progressing our plans with re-invigorated focus on innovation and execution,” said Pat Gelsinger, Intel CEO. “This is a pivotal year for Intel. We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world.”

Q1 2021 Financial Highlights

First-quarter 2021 GAAP operating margin, net income, tax rate, and EPS results reflect the impact of a charge related to VLSI litigation. Intel strongly disagrees with the jury’s verdict in March and intends to appeal.

Q1 2021 Q1 2020 vs. Q1 2020 Q1 2021 Q1 2020 vs. Q1 2020
Revenue ($B) $19.7 $19.8 down 1% $18.6 $18.6 flat
Gross Margin 55.2% 60.6% down 5.4 ppt 58.4% 64.5% down 6.1 ppt
R&D and MG&A ($B) $5.0 $4.8 up 3% $4.8 $4.6 up 2%
Operating Margin 18.8% 35.5% down 16.7 ppt 32.8% 39.5% down 6.7 ppt
Tax Rate 14.0% 14.4% down 0.5 ppt 13.7% 13.7% flat
Net Income ($B) $3.4 $5.7 down 41% $5.7 $6.1 down 6%
Earnings Per Share $0.82 $1.31 down 37% $1.39 $1.41 down 1%

In the first quarter, the company generated $5.5 billion in cash from operations, paid dividends of $1.4 billion, and used $2.3 billion to repurchase stock.

 Business Unit Summary

Key Business Unit Revenue and Trends Q1 2021 vs. Q1 2020
CCG $10.6 billion up 8%
DCG $5.6 billion down 20%
Internet of Things
IOTG $914 million up 4%
Mobileye $377 million up 48%
NSG $1.1 billion down 17%
PSG $486 million down 6%


First-quarter revenue exceeded January guidance by $1.1 billion led by continued, strong PC demand. PC unit volumes were up 38 percent YoY, and notebook volumes set a new Intel record. The company also saw initial recovery of Enterprise and Government sales in the Data Center Group (DCG). Intel also achieved better-than-expected revenue in Internet of Things Group (IOTG) and Mobileye, and Mobileye set a new revenue record in the quarter.

In the first quarter of 2021, Intel shipped new CPU products and announced key customer design wins. The company also completed the CEO transition to Pat Gelsinger who unveiled Intel's new, differentiated IDM 2.0 strategy for manufacturing, innovation and product leadership.

Business Highlights

▪       Announced new IDM 2.0 Strategy, including $20 billion capacity expansion plans in Arizona and new Intel Foundry Services.

▪       Introduced new client processor families including: 11th Gen Intel® Core™ vPro® platform, N-series 10-nanometer Pentium® Silver and Celeron® processors, 11th Gen Intel® Core™ H-series mobile processors and 11th Gen Intel® Core™ S-series desktop processors (code-named “Rocket Lake-S”).

▪       Launched new 3rd Gen Intel® Xeon® Scalable processors (code-named “Ice Lake”), including new network-optimized “N-SKUs”.

▪       Achieved Amazon Web Services High Performance Computing Competency status.

▪       Announced 5G network collaboration with Google Cloud.

▪       Intel’s Habana AI accelerators and Intel Xeon Scalable processors selected by University of California at San Diego to power new Voyager super computer.

▪       Shipped new Intel® Agilex™ FPGAs with heterogeneous integration and advanced 3D packaging.

▪       Mobileye’s self-driving system, Mobileye Drive™, will be the autonomous “driver” for Udelv’s next-generation electric self-driving delivery vehicle.

Additional information regarding Intel’s results can be found in the Q1'21 Earnings Presentation available at:

 Business Outlook

Intel's guidance for the second quarter and full year includes both GAAP and non-GAAP estimates. Our Non-GAAP measures exclude the NAND memory business, which is subject to a previously-announced pending sale, as well as certain other items. Reconciliations between GAAP and non-GAAP financial measures are included below.

Q2 2021 GAAP Non-GAAP
Approximately Approximately
Revenue $18.9 billion $17.8 billion
Gross Margin 55% 57%
Tax rate 13% 13%
Earnings per share $1.05 $1.05


Full-Year 2021 GAAP Non-GAAP
Approximately Approximately
Revenue $77.0 billion $72.5 billion
Gross Margin 54.5% 56.5%
Tax rate 19% 13%
Earnings per share $4.00 $4.60
Full-year capital spending $19.0-20.0 billion $19.0-20.0 billion^
Free cash flow N/A $10.5 billion

Actual results may differ materially from Intel’s Business Outlook as a result of, among other things, the factors described under “Forward-Looking Statements”.

Additional information at

1    Our reconciliation of GAAP Outlook to non-GAAP Outlook gross margin percentage reflects the exclusion of our NAND memory business from net revenue.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to and

Source: Intel Corp.

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