<p>这是我们对 <strong>英特尔</strong>（INTC -3.64%）2025 财年第二季度财报的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>128 亿美元</td>
<td>129 亿美元</td>
<td>1%</td>
<td>超出</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>$0.02</td>
<td>-$0.10</td>
<td>不适用</td>
<td>未达标</td>
</tr>
<tr>
<td>毛利率</td>
<td>35.4%</td>
<td>27.5%</td>
<td>-790 个基点</td>
<td>不适用</td>
</tr>
<tr>
<td>英特尔代工收入</td>
<td>43 亿美元</td>
<td>44 亿美元</td>
<td>2%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>英特尔努力整顿内部</h2>
<p>英特尔在第二季度的收入超出预期，但由于与 “未识别再利用的多余工具” 相关的减值费用，出现了意外损失。这是新任首席执行官谭立夫（Lip-Bu Tan）在三月份上任后的第一个完整季度，他概述了公司的计划，包括大幅削减成本。</p>
<p>英特尔管理层表示，已完成削减 15% 员工的计划的大部分，并采取措施优化其制造布局。公司表示不再打算推进在德国和波兰的计划项目。此外，英特尔表示将 “进一步放缓” 在俄亥俄州工厂的建设进度，以确保支出与市场需求相符。</p>
<p>收入受到个人电脑业务强劲需求的推动，PC 制造商在潜在关税前努力提升库存。公司的客户端计算部门（包括个人电脑）在环比基础上收入增长了 3 亿美元，达到了 76 亿美元。</p>
<p>英特尔的代工部门被视为未来增长的驱动力，本季度收入为 44 亿美元，而 2025 年第一季度为 47 亿美元，去年同期为 43 亿美元。</p>
<p>数据中心收入为 39 亿美元。</p>
<h2>市场即时反应</h2>
<p>投资者似乎对盈利未达预期的反应比较平静。英特尔的股价在周四公告后立即上涨约 2%，但在公司与投资者的电话会议之前。</p>
<h2>关注事项</h2>
<p>英特尔和谭立夫正处于一段非常漫长的旅程的早期阶段，首席执行官目前专注于控制成本，然后再将注意力转向重塑英特尔作为创新强国的遗产。这需要时间，投资者只能从单个季度的结果中获取有限的信息。</p>
<p>英特尔预计当前季度的收入将在 126 亿美元到 136 亿美元之间，这在中间值上略低于去年。预计每股收益将持平，这将比去年第三季度的亏损大幅改善。</p>
<p>英特尔的前景仍不明朗。但对于那些相信转型故事的人来说，谭立夫积极采取重要的第一步，令人乐观的理由充足。</p>
<h2>有用资源</h2>
<ul>
<li>完整财报</li>
<li>投资者关系页面</li>
<li>其他报道</li>
</ul>

英特尔

<p>英特尔在 2025 年第二季度报告了 129 亿美元的收入，超出预期，主要得益于强劲的个人电脑销售，尽管由于减值费用导致意外亏损。公司正在进行大规模的成本削减，并在新任首席执行官谭立夫的领导下完成了 15% 的裁员。英特尔计划放缓其俄亥俄州工厂的建设，并已暂停在德国和波兰的项目。股价在盘后交易中上涨了 2%，反映了投资者对公司扭转战略的乐观情绪，尽管下个季度的收入指引显示出轻微下降的趋势</p>

<p>Here's our initial take on <strong>Intel</strong>'s (INTC -3.64%) fiscal 2025 second-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>英特尔</strong>（INTC -3.64%）2025 财年第二季度财报的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2024</th>
<th>Q2 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>$12.8 billion</td>
<td>$12.9 billion</td>
<td>1%</td>
<td>Beat</td>
</tr>
<tr>
<td>Adjusted EPS</td>
<td>$0.02</td>
<td>-$0.10</td>
<td>n/m</td>
<td>Missed</td>
</tr>
<tr>
<td>Gross margin</td>
<td>35.4%</td>
<td>27.5%</td>
<td>-790 bp</td>
<td>n/a</td>
</tr>
<tr>
<td>Intel Foundry revenue</td>
<td>$4.3 billion</td>
<td>$4.4 billion</td>
<td>2%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>128 亿美元</td>
<td>129 亿美元</td>
<td>1%</td>
<td>超出</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>$0.02</td>
<td>-$0.10</td>
<td>不适用</td>
<td>未达标</td>
</tr>
<tr>
<td>毛利率</td>
<td>35.4%</td>
<td>27.5%</td>
<td>-790 个基点</td>
<td>不适用</td>
</tr>
<tr>
<td>英特尔代工收入</td>
<td>43 亿美元</td>
<td>44 亿美元</td>
<td>2%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Intel Works to Get Its House in Order</h2>
<div class="lb-trans"><h2>英特尔努力整顿内部</h2>
</div><p>Intel posted better-than-expected revenue in the second quarter but noted an unexpected loss due to impairment charges related to &#34;excess tools with no identified reuse.&#34; This is the first full quarter under new CEO Lip-Bu Tan, who joined in March, and the new chief executive outlined his plan for the company, including significant cost cuts.</p>
<div class="lb-trans"><p>英特尔在第二季度的收入超出预期，但由于与 “未识别再利用的多余工具” 相关的减值费用，出现了意外损失。这是新任首席执行官谭立夫（Lip-Bu Tan）在三月份上任后的第一个完整季度，他概述了公司的计划，包括大幅削减成本。</p>
</div><p>Intel management said it has completed the majority of a plan to cut its workforce by 15% and is taking action to optimize its manufacturing footprint. The company said it no longer intends to move forward with planned projects in Germany and Poland. In addition, Intel said it would &#34;further slow&#34; the pace of construction at a plant in Ohio to ensure the spending is aligned with market demand.</p>
<div class="lb-trans"><p>英特尔管理层表示，已完成削减 15% 员工的计划的大部分，并采取措施优化其制造布局。公司表示不再打算推进在德国和波兰的计划项目。此外，英特尔表示将 “进一步放缓” 在俄亥俄州工厂的建设进度，以确保支出与市场需求相符。</p>
</div><p>Revenue was boosted by strong demand from the personal-computer business, driven by efforts by PC makers to boost inventories ahead of potential tariffs. The company's client computing group, which includes PCs, saw revenue grow by $300 million on a sequential-quarter basis to $7.6 billion.</p>
<div class="lb-trans"><p>收入受到个人电脑业务强劲需求的推动，PC 制造商在潜在关税前努力提升库存。公司的客户端计算部门（包括个人电脑）在环比基础上收入增长了 3 亿美元，达到了 76 亿美元。</p>
</div><p>Intel's Foundry unit, which has been touted as a future driver for growth, did $4.4 billion in revenue in the quarter compared to $4.7 billion in the first quarter of 2025 and $4.3 billion a year ago.</p>
<div class="lb-trans"><p>英特尔的代工部门被视为未来增长的驱动力，本季度收入为 44 亿美元，而 2025 年第一季度为 47 亿美元，去年同期为 43 亿美元。</p>
</div><p>Data center revenue came in at $3.9 billion.</p>
<div class="lb-trans"><p>数据中心收入为 39 亿美元。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市场即时反应</h2>
</div><p>Investors seem to be taking the earnings miss in stride. Shares of Intel were up about 2% in after-market trading immediately following the announcement on Thursday but ahead of the company's conference call with investors.</p>
<div class="lb-trans"><p>投资者似乎对盈利未达预期的反应比较平静。英特尔的股价在周四公告后立即上涨约 2%，但在公司与投资者的电话会议之前。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>Intel and Tan are at the early stages of a very long journey, with the CEO focused for now on getting costs under control before focusing attention on reestablishing Intel's legacy as an innovation powerhouse. That will take time, and investors can only gather so much information from a single quarter's results.</p>
<div class="lb-trans"><p>英特尔和谭立夫正处于一段非常漫长的旅程的早期阶段，首席执行官目前专注于控制成本，然后再将注意力转向重塑英特尔作为创新强国的遗产。这需要时间，投资者只能从单个季度的结果中获取有限的信息。</p>
</div><p>Intel is guiding for revenue of $12.6 billion to $13.6 billion in the current quarter, which would be down slightly from a year ago at the midpoint. It expects to be breakeven on a per-share basis, which would be substantially better than last year's third-quarter loss.</p>
<div class="lb-trans"><p>英特尔预计当前季度的收入将在 126 亿美元到 136 亿美元之间，这在中间值上略低于去年。预计每股收益将持平，这将比去年第三季度的亏损大幅改善。</p>
</div><p>The jury's still out on Intel. But for those who have bought into the turnaround story, there is ample reason for optimism that Tan is aggressively taking important first steps.</p>
<div class="lb-trans"><p>英特尔的前景仍不明朗。但对于那些相信转型故事的人来说，谭立夫积极采取重要的第一步，令人乐观的理由充足。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
<li>Additional coverage</li>
</ul>
<div class="lb-trans"><ul>
<li>完整财报</li>
<li>投资者关系页面</li>
<li>其他报道</li>
</ul>
</div>

Intel Boosted by Strong PC Sales

- 英特尔 2025 年第二季度营收为 128 亿美元，超出预期 1%。  
- 调整后每股收益为-0.10 美元，未达预期。  
- 新 CEO 坦计划裁员 15% 并优化制造布局。  

英特尔因 PC 销售强劲而获得提振