Intel Corporation stock research
FY2023 Q4
Intel (INTC) Gross Margin — Quarter Ended Dec 30, 2023
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue was lower than a year ago but slightly higher than the prior quarter. Gross profit and gross margin both improved sequentially and year-over-year, reflecting a stronger relationship between revenue and cost of revenue.
Gross margin takeaway
Quarter ended Dec 30, 2023 · FY2023 Q4
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue was lower than a year ago but slightly higher than the prior quarter. Gross profit and gross margin both improved sequentially and year-over-year, reflecting a stronger relationship between revenue and cost of revenue.
- The strongest observable margin driver is the improvement in gross margin relative to both the prior quarter and the year-ago quarter, supported by higher revenue and a lower cost of revenue compared to the same period last year.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was slightly higher. Compared to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
45.7%
Gross profit
$7.0B
Revenue
$15.4B
Cost of revenue
$8.4B
Quarter-over-quarter change
+3.2 pts
Year-over-year change
+6.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Apr 1, 2023 | $11.7B | $4.0B | $7.7B | 34.2% |
| Jul 1, 2023 | $12.9B | $4.6B | $8.3B | 35.8% |
| Sep 30, 2023 | $14.2B | $6.0B | $8.1B | 42.5% |
| Dec 30, 2023 | $15.4B | $7.0B | $8.4B | 45.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
+3.2 pts
Year-over-year change
FY2022 Q4
+6.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the improvement in gross margin relative to both the prior quarter and the year-ago quarter, supported by higher revenue and a lower cost of revenue compared to the same period last year.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was slightly higher. Compared to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved.
Monitor the trend in cost of revenue, which increased sequentially despite a larger revenue base.