“For Q1, we expect Altera revenue to be down sequentially less than overall Intel consolidated.”

In context

“Foundry delivered revenue of $4.5 billion, up 3% sequentially, on increased EUV wafer mix and higher equipment sales by IMS. EUV wafer revenue grew from 1% of total revenue in 2023 to greater than 5% in 2024. Intel Foundry operating loss in Q4 of $2.3 billion improved meaningfully sequentially as Q3 was impacted by $3.1 billion of impairments. Excluding impairments, operating loss would have been roughly flat quarter-on-quarter. Turning to All Other. Mobileye reported revenue of $490 million, up 1% sequentially, with operating profit of $103 million, and earlier today guided for full year 2025 increases to both revenue and operating income. Altera delivered revenue of $429 million, up 4% sequentially. Operating margin was 21% versus 2% in Q3 on better gross margins and operating leverage. For Q1, we expect Altera revenue to be down sequentially less than overall Intel consolidated. We continue to make good progress on the stake sale of Altera and see a path for an IPO in the coming years. Now turning to guidance. Q1 has historically been our seasonally weakest quarter of the year, down high single to low double digits percentage sequentially on average. In addition, we see added pressure coming from macro uncertainty especially around tariffs, balancing of PC inventory and increasing competition. These mitigating factors support a more-tempered revenue outlook as we come into the new year. As a result, we are forecasting a revenue range of $11.7 billion to $12.7 billion in the first quarter of 2025, down between 11% to 18% sequentially. Within Intel Products, we expect revenue to decline across all three of our segments at roughly similar rates. We expect Intel Foun”