8-KEarnings & Results

INTEL CORP 8-K Report, Financial Results (Jul 14, 2010)

Filed July 14, 2010For Securities:INTC

Summary

Intel Corporation (INTC) filed an 8-K on July 13, 2010, to report financial results for the quarter ended June 26, 2010, and provide forward-looking statements. The filing includes both GAAP and non-GAAP financial measures, with the latter excluding a significant €1.06 billion ($1.45 billion) charge from a European Commission fine incurred in the second quarter of 2009. Intel's management utilizes these non-GAAP measures to evaluate business performance and facilitate period-to-period comparisons, believing it aids in assessing underlying business trends by removing the comparability-impacting EC fine. Investors are encouraged to review both GAAP and non-GAAP figures, as the non-GAAP measures are intended to supplement, not replace, GAAP reporting. The company's stated goal is to provide investors with a clearer view of performance as assessed by management, enhancing the ability to track operational progress and make informed investment decisions by allowing for a more direct comparison of ongoing business activities.

Key Highlights

  • 1Intel reported financial results for the quarter ended June 26, 2010.
  • 2The filing includes forward-looking statements for 2010 and Q3 2010.
  • 3Both GAAP and non-GAAP financial measures are provided.
  • 4Non-GAAP measures exclude a €1.06 billion ($1.45 billion) charge related to a European Commission fine from Q2 2009.
  • 5Management uses non-GAAP measures to assess business performance and comparability.
  • 6The company aims to provide investors with a clearer view of operational performance as evaluated by management.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Intel Corporation's financial results for the quarter ended June 26, 2010, and to provide forward-looking guidance for the remainder of 2010 and the third quarter of 2010. It also serves to present financial information and commentary from the CFO.

Intel is presenting non-GAAP financial measures to offer investors a view of the company's performance that excludes the significant €1.06 billion ($1.45 billion) charge incurred in Q2 2009 due to a European Commission fine. Management believes this exclusion aids in comparing current and future performance to prior periods, thereby highlighting underlying business trends.

The specific charge excluded from the non-GAAP results is the €1.06 billion (approximately $1.45 billion) fine imposed by the European Commission in the second quarter of 2009.

Investors should view the non-GAAP financial measures as supplementary to the GAAP results. While they offer management's perspective on performance and aid comparability, they should not be considered a substitute for or superior to GAAP measures. A careful evaluation of both GAAP and non-GAAP figures, along with their reconciliations, is recommended.