Chipmaker Intel Corporation (NASDAQ: INTC) reported a 12% growth in second-quarter revenues, reflecting the strong demand for cloud services during the COVID-related shutdown.However, the stock declined on Thursday evening due to the weak guidance issued by the management. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. The primary driver is the yield of Intel's 7nm process, which based on recent data, is now trending approximately twelve months behind the company's internal target.Gains (losses) on equity investments, netSANTA CLARA, Calif., July 23, 2020 -- Intel Corporation today reported second-quarter 2020 financial results. Changes in assets and liabilities: Notebook platform volumesCumulative shares repurchased (in billions)Revenue for our reportable and non-reportable operating segments is primarily related to the following product lines: Amortization of intangibles Work in process Other assets and liabilitiesDilutive effect of employee equity incentive plansCash flows provided by (used for) operating activities:Intel’s Business Outlook and other statements in this release that refer to future plans and expectations, including future responses to and effects of the COVID-19 pandemic, are forward-looking statements that involve a number of risks and uncertainties. However, sales of $10.9 billion and adjusted EPS of $1.37 topped Street's views.© 2020 AlphaStreet Inc. All Rights Reserved The rest of Intel’s earnings report showed that the chip maker continued to find strong demand for server and computer chips in the throes of the … These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.Income taxes payable, non-currentRemaining dollars authorized for buyback (in billions)We reference a non-GAAP financial measure of free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings.
InventoriesIntel's guidance for the third quarter and full-year 2020 includes both GAAP and non-GAAP estimates. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. Other accrued liabilities (Gains) losses on equity investments, net Prepaid supply agreementsWe exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our current operating performance and are significantly impacted by the timing of restructuring activity. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. Sales of equity investmentsWe exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. WithAt $19.7 billion, total revenues were up 20% year-over-year and above analysts’ consensus estimate. That includes an adjusted EPS of 4.85 on revenue of $75 billion. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Data-centric revenue* grew 34 percent, accounting for 52 percent of total revenue; PC-centric revenue grew 7 percent YoY.