Intel Corporation (NASDAQ:INTC) Q3 2020 Earnings Conference Call - Final Transcript
Oct 22, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Q3 2020 Intel Corporation Earnings Conference. [Operator Instructions]
I would now like to hand the conference over to your host, Director of Investor Relations, Trey Campbell. Sir, please go ahead.
Thank you, operator and welcome everyone to Intel's third quarter earnings conference call. By now you should have received a copy of our earnings release and the earnings presentation. If you have not received both documents, they're available on our investor website intc.com. The earnings presentation is also available in the webcast window for those joining us online.
I'm joined today by our CEO, Bob Swan, and our CFO, George Davis. In a moment, we'll hear brief remarks from both of them, followed by Q&A.
Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it and as such does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially. A brief reminder that this quarter we have provided both GAAP and non-GAAP financial measures. Today we will be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings presentation and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.
With that, let me hand it over to Bob.
Robert H. Swan
Thanks, Trey, and thank you all for joining our call. We delivered solid third quarter revenue and profitability despite increasing COVID-driven headwinds affecting significant portions of our business. Led by strong consumer notebook demand and continued cloud growth, we generated $18.3 billion in revenue and delivered $1.11 in EPS. We exceeded our top line expectation by $133 million and our bottom line expectation by $0.01. I am incredibly proud of our employees' performance through these challenging conditions. Our team has shown tremendous perseverance and has really come together as one Intel to deliver for our customers.
Over the last couple of years we have been focused on three critical priorities, improving our execution to strengthen our core business, extending our reach to accelerate the growth of the Company and continuing to thoughtfully deploy your capital.
Let me discuss our third quarter progress. First, improving our execution to strengthen our core business. This quarter we launched our 11th Gen Intel Core processors with Intel Iris Xe graphics, codenamed Tiger Lake. This is the world's best processor for thin and light notebooks. In real world workloads versus competitive products, Tiger Lake delivers up to 2.7 times faster content creation, 20% faster office productivity and more than two times faster gaming plus streaming. I'm excited to announce that we now expect 100 Tiger Lake based designs in the market by the end of this year, double the expectation we provided in April. Tiger Lake is a shining example of the product leadership we can deliver for our customers through our six pillars of technology innovation, breakthrough architectural improvements in CPU,