Intel Reports Full Year Revenue of $53.3 Billion, Net Income of $11.0 Billion

  Intel Reports Full Year Revenue of $53.3 Billion, Net Income of $11.0
  Billion

               Generates $18.9 Billion in Cash from Operations

Business Wire

SANTA CLARA, Calif. -- January 17, 2013

Intel Corporation today reported full-year revenue of $53.3 billion, operating
income of $14.6 billion, net income of $11.0 billion and EPS of $2.13. The
company generated approximately $18.9 billion in cash from operations, paid
dividends of $4.4 billion, and used $4.8 billion to repurchase 191 million
shares of stock.

For the fourth quarter, Intel posted revenue of $13.5 billion, operating
income of $3.2 billion, net income of $2.5 billion and EPS of 48 cents. The
company generated approximately $6 billion in cash from operations, paid
dividends of $1.1 billion and used $1.0 billion to repurchase 47 million
shares of stock.

“The fourth quarter played out largely as expected as we continued to execute
through a challenging environment,” said Paul Otellini, Intel president and
CEO. “We made tremendous progress across the business in 2012 as we entered
the market for smartphones and tablets, worked with our partners to reinvent
the PC, and drove continued innovation and growth in the data center. As we
enter 2013, our strong product pipeline has us well positioned to bring a new
wave of Intel innovations across the spectrum of computing.”

Full-Year 2012 Key Financial Information and Business Unit Trends

  *PC Client Group had revenue of $34.3 billion, down 3 percent from 2011.
  *Data Center Group had revenue of $10.7 billion, up 6 percent from 2011.
  *Other Intel architecture group had revenue of $4.4 billion, down 13
    percent from 2011.

Q4 Key Financial Information and Business Unit Trends

  *PC Client Group revenue of $8.5 billion, down 1.5 percent sequentially and
    down 6 percent year-over-year.
  *Data Center Group revenue of $2.8 billion, up 7 percent sequentially and
    up 4 percent year-over-year.
  *Other Intel® architecture group revenue of $1.0 billion, down 14 percent
    sequentially and down 7 percent year-over-year.
  *Gross margin of 58 percent, 1.0 percentage point above the midpoint of the
    company’s expectation of 57 percent.
  *R&D plus MG&A spending $4.6 billion, in line with the company’s
    expectation of approximately $4.5 billion.
  *Tax rate of 23 percent, below the company’s expectation of approximately
    27 percent.

Business Outlook

Intel’s Business Outlook does not include the potential impact of any business
combinations, asset acquisitions, divestitures or other investments that may
be completed after Jan. 17.

Full-Year 2013

  *Revenue: low single-digit percentage increase.
  *Gross margin percentage: 60 percent, plus or minus a few percentage
    points.
  *R&D plus MG&A spending: $18.9 billion, plus or minus $200 million.
  *Amortization of acquisition-related intangibles: approximately $300
    million.
  *Depreciation: $6.8 billion, plus or minus $100 million.
  *Impact of equity investments and interest and other: net gain of
    approximately $100 million.
  *Tax Rate: approximately 25 percent.
  *Full-year capital spending: $13.0 billion, plus or minus $500 million.

Q1 2013

  *Revenue: $12.7 billion, plus or minus $500 million.
  *Gross margin percentage: 58 percent, plus or minus a couple percentage
    points.
  *R&D plus MG&A spending: approximately $4.6 billion.
  *Amortization of acquisition-related intangibles: approximately $75
    million.
  *Impact of equity investments and interest and other: net loss of
    approximately $50 million.
  *Depreciation: approximately $1.7 billion.

For additional information regarding Intel’s results and Business Outlook,
please see the CFO commentary at: www.intc.com/results.cfm.

Status of Business Outlook

Intel’s Business Outlook is posted on intc.com and may be reiterated in public
or private meetings with investors and others. The Business Outlook will be
effective through the close of business Mar. 15 unless earlier updated; except
that the Business Outlook for amortization of acquisition-related intangibles,
impact of equity investments and interest and other, and tax rate, will be
effective only through the close of business on Jan. 24. Intel’s Quiet Period
will start from the close of business on Mar. 15 until publication of the
company’s first-quarter earnings release, scheduled for April 16, 2013. During
the Quiet Period, all of the Business Outlook and other forward-looking
statements disclosed in the company’s news releases and filings with the SEC
should be considered as historical, speaking as of prior to the Quiet Period
only and not subject to an update by the company.

GAAP Financial Comparison
Annual
                     2012             2011             vs. 2011
Revenue               $53.3 billion    $54.0 billion    down 1.2%
Gross Margin          62.1%            62.5%            down 0.4 pts.
Operating Income      $14.6 billion    $17.5 billion    down 16%
Net Income            $11.0 billion    $12.9 billion    down 15%
Earnings Per Share    $2.13            $2.39            down 11%

Non-GAAP Financial Comparison
Annual
                      2012              2011              vs. 2011
Gross Margin           63.2%             63.4%             down 0.2 pts.
Operating Income       $15.5 billion     $18.2 billion     down 15%
Net Income             $11.6 billion     $13.5 billion     down 14%
Earnings Per Share     $2.24             $2.50             down 10%
Non-GAAP results exclude the amortization of acquisition-related intangible
assets and the related income tax effect of these charges.

GAAP Financial Comparison
Quarterly
                      Q4 2012          Q4 2011          vs. Q4 2011
Revenue                  $13.5 billion       $13.9 billion       down 3%
Gross Margin             58.0%               64.5%               down 6.5 pts.
Operating Income         $3.2 billion        $4.6 billion        down 31%
Net Income               $2.5 billion        $3.4 billion        down 27%
Earnings Per Share       48 cents            64 cents            down 25%

Non-GAAP Financial Comparison
Quarterly
                       Q4 2012          Q4 2011          vs. Q4 2011
Gross Margin            59.0%            65.4%            down 6.4 pts.
Operating Income        $3.4 billion     $4.8 billion     down 30%
Net Income              $2.6 billion     $3.5 billion     down 26%
Earnings Per Share      51 cents         67 cents         down 24%
Non-GAAP results exclude the amortization of acquisition-related intangible
assets and the related income tax effect of these charges.

Risk Factors

The above statements and any others in this document that refer to plans and
expectations for the first quarter, the year and the future are
forward-looking statements that involve a number of risks and uncertainties.
Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “may,” “will,” “should” and their variations identify
forward-looking statements.Statements that refer to or are based on
projections, uncertain events or assumptions also identify forward-looking
statements.Many factors could affect Intel’s actual results, and variances
from Intel’s current expectations regarding such factors could cause actual
results to differ materially from those expressed in these forward-looking
statements. Intel presently considers the following to be the important
factors that could cause actual results to differ materially from the
company’s expectations.

  *Demand could be different from Intel's expectations due to factors
    including changes in business and economic conditions; customer acceptance
    of Intel’s and competitors’ products; supply constraints and other
    disruptions affecting customers; changes in customer order patterns
    including order cancellations; and changes in the level of inventory at
    customers. Uncertainty in global economic and financial conditions poses a
    risk that consumers and businesses may defer purchases in response to
    negative financial events, which could negatively affect product demand
    and other related matters.
  *Intel operates in intensely competitive industries that are characterized
    by a high percentage of costs that are fixed or difficult to reduce in the
    short term and product demand that is highly variable and difficult to
    forecast. Revenue and the gross margin percentage are affected by the
    timing of Intel product introductions and the demand for and market
    acceptance of Intel's products; actions taken by Intel's competitors,
    including product offerings and introductions, marketing programs and
    pricing pressures and Intel’s response to such actions; and Intel’s
    ability to respond quickly to technological developments and to
    incorporate new features into its products.
  *The gross margin percentage could vary significantly from expectations
    based on capacity utilization; variations in inventory valuation,
    including variations related to the timing of qualifying products for
    sale; changes in revenue levels; segment product mix; the timing and
    execution of the manufacturing ramp and associated costs; start-up costs;
    excess or obsolete inventory; changes in unit costs; defects or
    disruptions in the supply of materials or resources; product manufacturing
    quality/yields; and impairments of long-lived assets, including
    manufacturing, assembly/test and intangible assets.
  *The tax rate expectation is based on current tax law and current expected
    income. The tax rate may be affected by the jurisdictions in which profits
    are determined to be earned and taxed; changes in the estimates of
    credits, benefits and deductions; the resolution of issues arising from
    tax audits with various tax authorities, including payment of interest and
    penalties; and the ability to realize deferred tax assets.
  *Gains or losses from equity securities and interest and other could vary
    from expectations depending on gains or losses on the sale, exchange,
    change in the fair value or impairments of debt and equity investments;
    interest rates; cash balances; and changes in fair value of derivative
    instruments. The majority of our marketable equity security portfolio
    balance is concentrated in ASML Holding, N.V., and declines in value could
    result in impairment charges, impacting gains or losses on equity
    securities.
  *Intel's results could be affected by adverse economic, social, political
    and physical/infrastructure conditions in countries where Intel, its
    customers or its suppliers operate, including military conflict and other
    security risks, natural disasters, infrastructure disruptions, health
    concerns and fluctuations in currency exchange rates.
  *Expenses, particularly certain marketing and compensation expenses, as
    well as restructuring and asset impairment charges, vary depending on the
    level of demand for Intel's products and the level of revenue and profits.
  *Intel’s results could be affected by the timing of closing of acquisitions
    and divestitures.
  *Intel’s current chief executive officer plans to retire in May 2013 and
    the Board of Directors is working to choose a successor. The succession
    and transition process may have a direct and/or indirect effect on the
    business and operations of the company. In connection with the appointment
    of the new CEO, the company will seek to retain our executive management
    team (some of whom are being considered for the CEO position), and keep
    employees focused on achieving the company’s strategic goals and
    objectives.
  *Intel's results could be affected by adverse effects associated with
    product defects and errata (deviations from published specifications), and
    by litigation or regulatory matters involving intellectual property,
    stockholder, consumer, antitrust, disclosure and other issues, such as the
    litigation and regulatory matters described in Intel's SEC reports. An
    unfavorable ruling could include monetary damages or an injunction
    prohibiting Intel from manufacturing or selling one or more products,
    precluding particular business practices, impacting Intel’s ability to
    design its products, or requiring other remedies such as compulsory
    licensing of intellectual property.

A detailed discussion of these and other factors that could affect Intel’s
results is included in Intel’s SEC filings, including the company’s most
recent Form 10-Q and report on Form 10-K.

Earnings Webcast

Intel will hold a public webcast at 2 p.m. PDT today on its Investor Relations
website at www.intc.com. A webcast replay and MP3 download will also be
available on the site.

Intel plans to report its earnings for the first quarter of 2013 on April 16,
2013. Immediately following the earnings report, the company plans to publish
a commentary by Stacy J. Smith, executive vice president, chief financial
officer, and director of corporate strategy, at www.intc.com/results.cfm. A
public webcast of Intel’s earnings conference call will follow at 2 p.m. PDT
at www.intc.com.

About Intel

Intel (NASDAQ: INTC) is a world leader in computing innovation. The company
designs and builds the essential technologies that serve as the foundation for
the world’s computing devices. Additional information about Intel is available
at newsroom.intel.com and blogs.intel.com.

Intel, the Intel logo and Ultrabook are trademarks of Intel Corporation in the
United States and other countries.

*Other names and brands may be claimed as the property of others.

INTEL CORPORATION
CONSOLIDATED SUMMARY STATEMENT OF INCOME DATA
(In millions, except per share amounts)
                                                                 
                                     Three Months Ended    Twelve Months Ended
                                     Dec 29,    Dec 31,    Dec 29,    Dec 31,
                                     2012       2011       2012       2011
NET REVENUE                          $ 13,477   $ 13,887   $ 53,341   $ 53,999
Cost of sales                         5,660     4,935     20,190    20,242
GROSS MARGIN                          7,817     8,952     33,151    33,757
                                                                        
Research and development               2,629      2,308      10,148     8,350
Marketing, general and                1,958     1,973     8,057     7,670
administrative
R&D AND MG&A                           4,587      4,281      18,205     16,020
Amortization of acquisition-related   75        72        308       260
intangibles
OPERATING EXPENSES                    4,662     4,353     18,513    16,280
OPERATING INCOME                       3,155      4,599      14,638     17,477
Gains (losses) on equity               60         17         141        112
investments, net
Interest and other, net               (11)      (29)      94        192
INCOME BEFORE TAXES                    3,204      4,587      14,873     17,781
Provision for taxes                   736       1,227     3,868     4,839
NET INCOME                           $ 2,468    $ 3,360    $ 11,005   $ 12,942
                                                                        
BASIC EARNINGS PER COMMON SHARE      $ 0.50     $ 0.66     $ 2.20     $ 2.46
DILUTED EARNINGS PER COMMON SHARE    $ 0.48     $ 0.64     $ 2.13     $ 2.39
                                                                        
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
                BASIC                  4,968      5,069      4,996      5,256
                DILUTED                5,095      5,242      5,160      5,411

INTEL CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In millions)
                                                               
                                                Dec 29,    Sept 29,   Dec 31,
                                                2012       2012       2011
CURRENT ASSETS
  Cash and cash equivalents                     $ 8,478    $ 3,520    $ 5,065
  Short-term investments                          3,999      2,483      5,181
  Trading assets                                  5,685      4,462      4,591
  Accounts receivable, net                        3,833      3,938      3,650
  Inventories:
                 Raw materials                    478        614        644
                 Work in process                  2,219      2,363      1,680
                 Finished goods                  2,037     2,342     1,772
                                                  4,734      5,319      4,096
  Deferred tax assets                             2,117      1,633      1,700
  Other current assets                           2,512     1,659     1,589
TOTAL CURRENT ASSETS                             31,358    23,014    25,872
                                                                        
Property, plant and equipment, net                27,983     27,157     23,627
Marketable equity securities                      4,424      3,924      562
Other long-term investments                       493        469        889
Goodwill                                          9,710      9,623      9,254
Identified intangible assets, net                 6,235      6,221      6,267
Other long-term assets                           4,148     4,033     4,648
  TOTAL ASSETS                                  $ 84,351   $ 74,441   $ 71,119
                                                                        
CURRENT LIABILITIES
  Short-term debt                               $ 312      $ 56       $ 247
  Accounts payable                                3,023      3,188      2,956
  Accrued compensation and benefits               2,972      2,320      2,948
  Accrued advertising                             1,015      1,096      1,134
  Deferred income                                 1,932      1,954      1,929
  Other accrued liabilities                      3,644     3,339     2,814
TOTAL CURRENT LIABILITIES                        12,898    11,953    12,028
                                                                        
Long-term debt                                    13,136     7,100      7,084
Long-term deferred tax liabilities                3,412      2,904      2,617
Other long-term liabilities                       3,702      3,215      3,479
Stockholders' equity:
  Preferred stock                                 —          —          —
  Common stock and capital in excess of par       19,464     19,278     17,036
  value
  Accumulated other comprehensive income          (399)      (501)      (781)
  (loss)
  Retained earnings                              32,138    30,492    29,656
TOTAL STOCKHOLDERS' EQUITY                       51,203    49,269    45,911
  TOTAL LIABILITIES AND STOCKHOLDERS'           $ 84,351   $ 74,441   $ 71,119
  EQUITY

INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
(In millions)
                                                              
                                            Q4 2012      Q3 2012      Q4 2011
CASH INVESTMENTS:
Cash and short-term investments             $12,477      $6,003       $10,246
Trading assets - marketable debt            5,685        4,462        4,591
securities
Total cash investments                      $18,162      $10,465      $14,837
                                                                      
CURRENT DEFERRED INCOME:
Deferred income on shipments of             $694         $791         $751
components to distributors
Deferred income from software and           1,238        1,163        1,178
services group
Total current deferred income               $1,932       $1,954       $1,929
                                                                      
SELECTED CASH FLOW INFORMATION:
Depreciation                                $1,641       $1,625       $1,333
Share-based compensation                    $272         $276         $241
Amortization of intangibles                 $364         $268         $256
Capital spending                            ($2,504)     ($2,887)     ($2,844)
Investments in non-marketable equity        ($117)       ($163)       ($124)
instruments
Equity investment in ASML Holding N.V.      —            (3,218)      —
Stock repurchase program                    ($1,000)     (1,165)      (4,133)
Proceeds from sales of shares to            $139         $299         $1,129
employees & excess tax benefit
Issuance of long-term debt                  $6,124       —            —
Dividends paid                              ($1,119)     ($1,125)     ($1,070)
Net cash (used)/received for                ($70)        ($110)       ($244)
acquisitions/divestitures
                                                                      
EARNINGS PER COMMON SHARE INFORMATION:
Weighted average common shares              4,968        4,996        5,069
outstanding - basic
Dilutive effect of employee equity          73           93           115
incentive plans
Dilutive effect of convertible debt         54           64           58
Weighted average common shares              5,095        5,153        5,242
outstanding - diluted
                                                                      
STOCK BUYBACK:
Shares repurchased                          47           46           174
Cumulative shares repurchased (in           4.3          4.2          4.1
billions)
Remaining dollars authorized for            $5.3         $6.3         $10.1
buyback (in billions)
                                                                      
OTHER INFORMATION:
Employees (in thousands)                    105.0        104.7        100.1

INTEL CORPORATION
SUPPLEMENTAL OPERATING GROUP RESULTS
(In millions)
                                                            
                                                  Three Months          Twelve Months Ended
                                                   Ended
                                                   Dec        Dec        Dec 29,     Dec 31,
                                                   29,        31,
                                                  2012      2011       2012       2011
Net Revenue
  PC Client                                      $ 8,506    $ 9,047    $ 34,274    $ 35,406
  Group
  Data Center                                      2,830      2,717      10,741      10,129
  Group
  Other Intel
  Architecture                                    1,018     1,099     4,378      5,005
  Group
  Intel
  Architecture                                    12,354    12,863    49,393     50,540
  Group
                                                                                     
  Software and
  Services                                         636        578        2,381       1,870
  Group
  All other                                       487       446       1,567      1,589
  TOTAL NET                                      $ 13,477   $ 13,887   $ 53,341    $ 53,999
  REVENUE
                                                                                     
                                                                                     
Operating
income (loss)
  PC Client                                      $ 2,817    $ 3,952    $ 13,053    $ 14,793
  Group
  Data Center                                      1,329      1,453      5,073       5,100
  Group
  Other Intel
  Architecture                                    (495)     (368)     (1,377)    (577)
  Group
  Intel
  Architecture                                   $ 3,651    $ 5,037     16,749     19,316
  Group
                                                                                     
  Software and
  Services                                         (36)       16         (11)        (32)
  Group
  All other                                       (460)     (454)     (2,100)    (1,807)
  TOTAL
  OPERATING                                      $ 3,155    $ 4,599    $ 14,638    $ 17,477
  INCOME

In the second quarter of 2012, we reorganized our smartphone, tablet, and
mobile communication businesses within the other Intel architecture operating
group to enable us to move faster and with greater collaboration and synergies
in the market segment for mobile devices. As part of the reorganization, the
former Netbook and Tablet Group has been separated into the following new
operating groups: Netbook Group, Tablet Group, and Service Provider Group.
Additionally, the former Ultra-Mobility Group is now the Phone Group. The
other Intel architecture operating group continues to include the Intelligent
Systems Group and Intel Mobile Communications. The other Intel architecture
operating group aggregation has not changed. Our operating groups shown above
are comprised of the following:
       
• PC Client Group: Delivering platforms designed for the notebook and desktop
(including high-end enthusiast PCs) market segments; and wireless connectivity
products.

• Data Center Group: Delivering platforms designed for the server,
workstation, and storage computing market segments; and wired network
connectivity products.

• Other Intel Architecture Group consist of the following:
        • Intelligent Systems Group: Delivering platforms designed for
        embedded applications.
        • Netbook Group: Delivering platforms designed for the netbook market
        segment.
        • Intel Mobile Communications: Delivering mobile phone components such
        as baseband processors, radio frequency transceivers, and power
        management chips.
        
        • Tablet Group: Delivering platforms designed for the tablet market
        segment.
        • Phone Group: Delivering platforms designed for the smartphone market
        segment.
        • Service Provider Group: Delivering gateway and set top box
        components.

• Software and Services Group consists of the following:
        • McAfee: A wholly owned subsidiary delivering software products for
        endpoint security, network and content security, risk and compliance,
        and consumer and mobile security.
        • Wind River Software Group: A wholly owned subsidiary delivering
        software optimized products for the embedded and mobile market
        segments.
        • Software and Services Group: Delivering software products and
        services that promote Intel Architecture as the platform of choice for
        software development.

All Other consists of the following:
        • Non-Volatile Memory Solutions Group: Delivering NAND flash memory
        products for use in a variety of devices.
        • Corporate: Revenue, expenses and charges such as:
                        • A portion of profit-dependent compensation and other
                        expenses not allocated to the operating groups.

                        • Divested businesses and results of seed businesses
                        that support our initiatives.

                        • Acquisition-related costs, including amortization
                        and any impairment of acquisition-related intangibles
                        and goodwill.

INTEL CORPORATION
SUPPLEMENTAL PLATFORM REVENUE INFORMATION
                                                            
                           Q4 2012             Q4 2012          2012
                           compared to Q3      compared to Q4   compared to
                           2012                2011             2011
PC Client Platform
     Unit Volumes          (4%)                (6%)             (1%)
     Average Selling       2%                  0%               (2%)
     Prices
                                                                
Data Center Platform
     Unit Volumes          0%                  (1%)             (1%)
     Average Selling       8%                  5%               6%
     Prices
                                                                
     PC Client Group Notebook and Desktop                    
     Platform Key Drivers
     -Notebook platform average selling prices decreased 6% from 2011 to 2012
     -Notebook platform volumes increased 2% from 2011 to 2012
     -Desktop platform average selling prices increased 4% from 2011 to 2012
     -Desktop platform volume decreased 5% from 2011 to 2012

INTEL CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
                                                             
In addition to disclosing financial results in accordance with United States
(U.S.) generally accepted accounting principles (GAAP), this document contains
non-GAAP financial measures that we believe are helpful in understanding and
comparing our past financial performance and our expectations for future
results. The non-GAAP financial measures disclosed by the company exclude the
amortization of acquisition-related intangible assets, as well as the related
income tax effect. Amortization of acquisition-related intangible assets
consists of the amortization of developed technology, trade names, and
customer relationships acquired in connection with business combinations. We
record charges relating to the amortization of these intangibles in our GAAP
financial statements. Amortization charges for our acquisition-related
intangible assets are inconsistent in size and are significantly impacted by
the timing and valuation of our acquisitions. Consequently, our non-GAAP
adjustment excludes these charges to facilitate an evaluation of our current
operating performance and comparisons to our past operating performance.
                          
Set forth below are reconciliations of the non-GAAP financial measures to the
most directly comparable GAAP financial measures. The non-GAAP financial
measures disclosed by the company have limitations and should not be
considered a substitute for, or superior to, financial measures prepared in
accordance with GAAP, and the financial results prepared in accordance with
GAAP and reconciliations from these results should be carefully evaluated.
Management believes the non-GAAP financial measures are appropriate for period
to period comparisons in our budget, planning and evaluation processes, and to
show the reader how our performance compares to other periods.
                          
                          (In millions, except per share amounts)
                          Three Months Ended          Twelve Months Ended
                          Dec 29,       Dec 31,       Dec 29,       Dec 31,
                          2012          2011          2012          2011
                                                                       
GAAP GROSS MARGIN         $  7,817      $  8,952      $  33,151     $  33,757
Adjustment for the
amortization of              137          137           557          482
acquisition-related
intangibles
NON-GAAP GROSS MARGIN     $  7,954      $  9,089      $  33,708     $  34,239
                                                                       
GAAP GROSS MARGIN            58.0%         64.5%         62.1%         62.5%
PERCENTAGE
Adjustment for the
amortization of              1.0%         0.9%          1.1%         0.9%
acquisition-related
intangibles
NON-GAAP GROSS MARGIN        59.0%         65.4%         63.2%         63.4%
PERCENTAGE
                                                                       
GAAP OPERATING INCOME     $  3,155      $  4,599      $  14,638     $  17,477
Adjustment for the
amortization of              212          209           865          742
acquisition-related
intangibles
NON-GAAP OPERATING INCOME $  3,367      $  4,808      $  15,503     $  18,219
                                                                       
GAAP NET INCOME           $  2,468      $  3,360      $  11,005     $  12,942
Adjustment for:
Amortization of
acquisition-related          212           209           865           742
intangibles
Income tax effect           (71)         (46)         (290)        (160)
NON-GAAP NET INCOME       $  2,609      $  3,523      $  11,580     $  13,524
                                                                       
GAAP DILUTED EARNINGS PER $  0.48       $  0.64       $  2.13       $  2.39
COMMON SHARE
Adjustment for:
Amortization of
acquisition-related          0.04          0.04          0.17          0.14
intangibles
Income tax effect           (0.01)       (0.01)       (0.06)       (0.03)
NON-GAAP DILUTED EARNINGS $  0.51       $  0.67       $  2.24       $  2.50
PER COMMON SHARE

Contact:

Intel Corporation
Reuben Gallegos, 408-765-5374 (Investor Relations)
reuben.m.gallegos@intel.com
Jon Carvill, 503-696-5069 (Media Relations)
jon.carvill@intel.com
 
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