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On 18 July 1968 Gordon Moore and Bob Noyce incorporated a venture that would later become known as Intel. They were later joined by Andy Grove, and the three men together formed the leadership of the company. The core premise of the company was based on semiconductor memory, a then emerging technology.
Intel’s History
Intel’s first calendar year of operations in 1969 was marked by several milestones. These included the launch of its first product, its initial sale, and the introduction of its first logo. The company also pioneered key innovations, namely its metal-oxide semiconductor and silicon gate technologies.
The 1970s saw Intel become one of the biggest technology companies, with key product releases like the world’s first programmable microprocessor and the 1103 dynamic random-access memory (DRAM), which established semiconductors as the new industry standard for memory (replacing magnetic core memories). During this decade, the company augmented its operations geographically as well, opening facilities in Malaysia, Israel, the Philippines, and Barbados. Intel also acquired digital watchmaker Microma, bringing it into consumer electronics and liquid crystal displays (LCDs). In 1979, the company made its debut on the Fortune 500 list. CEO Gordon Moore was also appointed Chairman, and Andy Grove became President and COO.
The 1980s and 1990s saw Intel make revolutionary technological inroads. An iconic achievement in 1981 was IBM’s decision to use Intel processors to power its new personal computer. In 1983, the company proceeded to open its biggest fabrication facility yet, went on to power the Compaq Portable computer, and unveiled an advanced product series, which resulted in the company achieving revenues that exceeded $1 billion. 1988 saw the establishment of the Intel Foundation that would go on to contribute billions to worthy causes across the globe. In 1992, Intel was declared the biggest semiconductor manufacturer in the U.S. The company also issued its first cash dividend to its shareholders. A growing recognition of the significance of computers and Intel’s contributions to their development prompted Time magazine to honour CEO Andy Grove as its “Man of the Year”.
From 2000 onwards, Intel has continued to innovate, becoming a key player in the “proliferation of smart devices that maintain wireless connections to cloud servers to perform tasks that standalone devices can’t”, and powering an infinite number of end-user devices in households across the globe. Despite the advancement of mobile devices and tablets worldwide, Intel maintained its leadership in personal computing. In 2015, the company moved into field-programmable components with the acquisition of Altera Corp., and also launched a $300 million commitment to improve diversity in the tech sector. In 2018 Intel launched its first commercially available drone, the Falcon 8+ to provide easy remote access to difficult to reach areas. It also sped up its pursuit of autonomous driving technologies. 2018 was a significant year for the company, achieving $70 billion in revenue for the first time with 18% growth of its data-centric business.
Intel Corp today
Today, Intel remains in the front seat of creating world-changing technologies, while also staying committed to making the world healthier, safer, sustainable and inclusive. Concerning however is the recent hit that Intel stock is said to have taken. According to this Yahoo Finance article dated 13 September 2024, “the stock has lost about a third of its value since Intel reported its latest earnings in August, and nearly two-thirds since the start of 2024”. This has led to rumblings that the company could lose its place in the Dow Jones Industrial Average.”
Saying that, on 14 September 2024, this Reuters article reported that “Intel Corp has officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the U.S Department of Defense, Bloomberg News reported on Friday, citing people familiar with the matter, after the chipmaker reached a binding agreement with U.S officials.”
Market capitalisation and shareholding
Intel has a market cap value of $83.94 billion, with revenue amounting to $55.12 billion and a net income of $975.0 million. Intel’s stock symbol on Nasdaq is INTC. Its common stock is traded on the NASDAQ Global Select Market. Intel went public on 13 October 1971 at a price of USD 23.50 per share or 2 cents adjusted for 13 subsequent stock splits.
Intel reports 2nd-quarter 2024 financial results
On 1 August 2024, Intel announced its second-quarter 2024 financial results. In the 2nd quarter, the company reported revenue of $12.8 billion, a 1% decline year over year. It posted a GAAP earnings loss per share (EPS) of $(0.38), while its non-GAAP EPS stood at $0.02. Looking ahead, Intel forecasts third-quarter 2024 revenue between $12.5 billion and $13.5 billion, with an anticipated GAAP EPS loss of $(0.24) and a non-GAAP EPS of $(0.03). To streamline operations, Intel is implementing a comprehensive spending reduction, including a more than 15% reduction in headcount.
The company also announced the suspension of its dividend starting in the fourth quarter of 2024, though it reaffirmed its long-term commitment to a competitive dividend as cash flow improves. Additionally, Intel achieved significant milestones with the release of the 1.0 Process Design Kit (PDK) for Intel 18A and the successful power-on of its first client and server products, Panther Lake and Clearwater Forest, on Intel 18A.
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