What impacted Intel's net profit in Q2 2024?

Intel's net profit in Q2 2024 was impacted by several key factors:

1. **Revenue Forecast Adjustment**: Intel updated its Q2 2024 outlook in response to the US Commerce Department's decision to revoke certain export licenses. This decision affected Intel's capacity to export consumer-related items to a customer in China, leading to a projected revenue range of $12.5 billion to $13.5 billion, below the initial forecast range.
2. **Stock Price Drop**: Intel's stock experienced a significant drop of approximately 36% over the course of 2024, which could have impacted net profit. The company's stock losses added to a rough start to the year as the chip company reported revenue slightly below Wall Street's expectations.
3. **Delayed Recovery in Traditional Server Demand**: Traditional server demand recovery was delayed, now expected in the second half of the year. This delay was due to Cloud and Enterprise customers prioritizing AI infrastructure spending.
4. **Gross Margin Pressure**: Intel expects a 40.2% gross margin for the second quarter, compared with 41.0% in the first quarter. On an adjusted basis, it anticipates a 43.5% gross margin, versus 45.1% in the first quarter. This indicates that despite the expectations of growth in both revenue and earnings per share compared to 2023, gross margin pressure could impact net profit.
5. **Increased Start-Up Costs**: Intel expects a heavy year for start-up costs, which is likely to impact the second quarter more so than the first. These added costs put pressure on gross margins and could affect net profit.

In conclusion, Intel's net profit in Q2 2024 was impacted by a combination of factors including revenue forecast adjustment, stock price drop, delayed recovery in traditional server demand, gross margin pressure, and increased start-up costs. These factors combined to create a challenging environment for Intel's financial performance in the quarter.