Now it's time to see how all of those changes affected the balance sheet.
The chip maker reported a second quarter net income of $2 billion with earnings of 40 cents per share (statement). Non-GAAP earnings were 39 cents per share on a revenue of $12.8 billion.
Wall Street was looking for earnings of 39 cents per share on a revenue of $12.9 billion.
At the helm of the microprocessor giant for less than a quarter, CEO Brian Krzanich reflected on his new role as leader of Intel in prepared remarks:
In my first two months as CEO, I have listened to a wide variety of views about Intel and our industry from customers, employees and my leadership team and I am more confident than ever about our opportunity as a company. Looking ahead, the market will continue buying a wide range of computing products. Intel Atom and Core processors and increased SOC integration will be Intel's future. We will leave no computing opportunity untapped. To embrace these opportunities, I've made it Intel's highest priority to create the best products for the fast growing ultra-mobile market segment.
Some of the more notable debuts from the quarter included the Silvermont mobile architecture, the fourth generation of the flagship Core processors, and the integration of Intel LTE and Atom processor technology onto the 10.1-inch edition of the Samsung Galaxy Tab 3.
From a more bird's eye view, here's a breakdown of how Intel's top three units did this quarter:
PC Client: Revenue of $8.1 billion, up 1.4 percent sequentially and down 7.5 percent annually
Data Centers: Revenue of $2.7 billion, up 6.1 percent sequentially and flat annually
Architecture: Revenue of $942 million, down 3.7 percent sequentially and down 15.0 percent annually
Intel cut its outlook, promising Q3 revenue of $13.5 billion, plus or minus $500 million.
The annual outlook was also trimmed down to remain flat year-over-year, which Intel admitted is "down from prior expectations of low single digit percentage increase."