“we expect to deliver full year revenue and EPS growth in 2024, with the pace of revenue growth accelerating in the second half.”

In context

“to do and the payoff will be significant in the end. Semiconductors are the currency that will drive the global economy for decades to come. We are one of 2, maybe 3 companies in the world that can continue to enable next-generation chip technologies and the only one that has Western capacity and R&D, and we will participate in the entire AI market. Quarter-by-quarter, we are positioning ourselves well to capitalize on the immense opportunities ahead. With that, let me turn things over to Dave. David Zinsner: Thank you, Pat, and good afternoon, everyone. We delivered solid results in the quarter with revenue finishing in line and gross margin and EPS, again beating guidance. Forward-looking demand signals in our core markets improved at a measured pace through the first quarter, and we expect to deliver full year revenue and EPS growth in 2024, with the pace of revenue growth accelerating in the second half. First quarter revenue was $12.7 billion, up 9% year-over-year and just above the midpoint of our guidance, with product segments performing in line with expectations. Intel Products delivered 17% year-over-year growth, offset by inventory headwinds impacting Mobileye, Altera and our 5G customers as well as the sunsetting of several noncore lines of business including the traditional packaging business within Intel Foundry. These noncore revenue headwinds drove a sequential decline of just over $1 billion, in line with our Q1 guidance. Gross margin was 45.1%, 60 basis points above guidance, and EPS of $0.18 beat guidance by $0.05 on operating spending discipline and strong sell-through of previously reserved inventory. Q1 operating cash flow was negative $1.2 billion. Net CapEx was $5”