A surprising quarter to be sure. I want to take some time to hit on some surface level stuff that I noticed and will put out a deeper dive a little later.

Profit is back. In a shockingly big way too. Intel crushed their April guidance for Q2 not only delivering a beat but also returning the company to profitability. Despite this Revenue, Gross Margin, and EPS are all still down quite big overall.

A lot of this seems to be from this statement from the CFO. Exiting less profitable lines of business has saved the company nearly 2 billion. From earlier statements they continue to be on track to save $10 billion total by 2025.

The actual business unit breakdowns paint an interesting picture. For the first time since they started reporting it Mobileyes revenue went down. Previously this has been the fastest growing business segment. Instead that title now goes to Intel Foundry Services. This growth in IFS is despite Intel failing to announce any major new customers.

Back in June Intel held an event for their newest line of business Intel Foundry, after the event Intel stock sunk 6%. Because Intel announced MediaTek as a client at last years version of this event many we're expecting an even bigger announcement this year. When this didn't happen investors didn't like it, clearly. Despite this the segment grew very well.

Again this is just some surface level stuff and I want to dig deeper whenever Intel files their 10q for this quarter. That deeper dive will probably be up in a few days.