内容来源：https://techcrunch.com/2025/10/23/with-an-intel-recovery-underway-all-eyes-turn-to-its-foundry-business/

内容总结：

英特尔第三季度财报超预期 战略转型获资本强力背书

本周四，英特尔发布第三季度财报，其营收增长与深度成本削减措施共同推动业绩超出华尔街预期。在首席执行官Lip-Bu Tan的带领下，这家处于转型期的半导体巨头正通过一系列战略调整重拾增长动力。

本季度英特尔营收达137亿美元，较上季度增长8亿美元；净利润41亿美元，较去年同期166亿美元亏损实现强势逆转。财报公布后公司股价大幅上涨，主要得益于近三个月获得的三大战略投资：8月软银注资20亿美元，美国政府随后以89亿美元投资计划获得10%股权（目前已到账57亿美元），9月英伟达亦斥资50亿美元入股并达成芯片联合开发协议。

此外，英特尔通过出售阿尔特拉（9月12日完成交易获资52亿美元）及Mobileye股权进一步优化资产结构。Tan在财报电话会议中强调："这些举措显著增强我们的财务灵活性，为战略执行奠定坚实基础。"他特别指出美国政府投资彰显对英特尔"美国本土唯一具备领先逻辑芯片研发制造能力企业"战略地位的认可。

尽管业绩回暖，市场仍密切关注其晶圆代工业务的发展前景。该业务自启动以来持续面临挑战，今年夏季已实施裁员重组。值得注意的是，美国政府投资协议中包含限制条款，要求英特尔未来五年不得剥离代工业务。Tan表示公司将"以审慎态度推进代工业务成长"，但未透露具体客户进展，仅强调"构建世界级代工能力需建立在长期信任基础上"。

分析人士认为，英特尔当前亟需明确代工业务的可持续发展路径，而非单纯依赖资本注入。随着全球芯片需求持续增长，这家半导体巨头能否凭借独特定位在代工领域实现突破，将成为其转型成败的关键指标。

中文翻译：

英特尔第三季度财报于周四出炉，业绩表现超出华尔街预期。营收增长叠加大幅削减成本，加上过去两个月多项重大投资落地，首席执行官陈立武正试图重振这家深陷困境的半导体巨头。

相较于此前连续数个季度的亏损，英特尔本季营收与41亿美元净利润的表现堪称亮眼。但公司的复苏之路仍充满挑战：裁员等成本削减措施持续推行，同时软银、英伟达及美国政府的一系列高调投资也值得关注。

在周四的季度财报会议上，英特尔宣布第三季度资产负债表新增200亿美元，推动股价飙升。这主要得益于过去三个月获得的三笔重大投资：八月软银注资20亿美元；数日后美国政府收购英特尔10%股份（此举堪称史无前例），目前89亿美元投资计划中已有57亿美元到账；九月英伟达作为长期芯片开发合作的一部分，斥资50亿美元购入英特尔股份。

陈立武在财报电话会议中表示："强化资产负债表的举措赋予我们更大运营灵活性，使公司能更稳健地推进战略执行。特别荣幸获得特朗普总统和霍华德·拉特尼克部长的信任，他们的支持凸显了英特尔作为美国唯一拥有尖端逻辑芯片研发制造能力的半导体企业的战略价值。"

公司还通过两项资产出售获得资金：9月12日完成2015年收购的硬件公司Altera股权出售，进账52亿美元；同时出售了自动驾驶技术公司Mobileye的股份。

第三季度营收从129亿美元增至137亿美元，实现8亿美元增长。当季净利润达41亿美元，较去年同期166亿美元亏损实现强势逆转。

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晶圆代工业务
尽管本季表现强劲，但英特尔对其客户定制芯片代工业务的后续规划披露有限。该业务自启动以来始终步履维艰，今夏陈立武曾在代工部门实施大规模裁员。值得注意的是，美国政府投资协议中明确条款：若英特尔未来五年剥离代工业务将面临处罚，显示该业务已成为特朗普政府关注重点。

华尔街正密切关注其代工业务能否传递长期增长信号。分析师八月向TechCrunch指出，英特尔当前困境并非资金短缺，而是需要明确代工业务发展战略。陈立武强调英特尔代工业务在满足芯片需求激增方面具有"独特优势"，除透露正积极接触潜在客户外未给出具体细节，同时承诺将保持业务扩张的审慎态度。

"打造世界级代工厂是基于信任的长期工程，"陈立武表示，"作为代工方，我们必须确保工艺能适配不同客户的多元化产品架构。当客户依赖我们制造晶圆时，我们要在性能、良率、成本与交付周期等维度全面满足需求，以此赢得客户青睐。"

英文来源：

Intel’s third-quarter earnings beat Wall Street expectations Thursday, results buoyed by a bump in revenue combined with larger cuts, and multiple, sizable investments over the last two months as CEO Lip-Bu Tan looks to turn around the struggling semiconductor giant.
Intel’s revenue results and its $4.1 billion in net income provides a far rosier view than its string of quarterly losses. But the company’s recovery story deserves several chapters dedicated to cost cutting via layoffs and other reductions as well as a series of high-profile investments from Softbank, Nvidia, and the U.S. government.
Intel added $20 billion to its balance sheet during the third quarter, the company announced on its third-quarter earnings presentation on Thursday, sending its stock soaring. This growth was largely due to three sizable investments in the company over the last three months.
In August, SoftBank invested $2 billion. A few days later, the U.S. Government took an unprecedented 10% equity stake in Intel. The company has received $5.7 billion of the planned $8.9 billion from the U.S. Government thus far. Nvidia also bought a $5 billion stake in Intel in September as part of a broader deal to develop chips together over time.
“The actions we took to strengthen the balance sheet give us greater operational flexibility and position us well to continue to execute our strategy with confidence,” Tan said on the company’s earnings call. “In particular, I’m honored by the trust and confidence President Trump and Secretary [Howard] Lutnick have placed in me. Their support highlights Intel’s strategic role as the only U.S.-based semiconductor company with leading edge logic, [research and development] and manufacturing.”
The company also received $5.2 billion from closing the sale of its ownership stake of Altera, a hardware company it had owned since 2015, on September 12. It also sold its stake in Mobileye, an autonomous driving tech company.
Intel grew its quarterly revenue by $800 million in the third quarter to $13.7 billion, compared to $12.9 billion. Intel had net income of $4.1 billion in the third quarter, a steep reversal from the $16.6 billion loss it reported in the same year-ago period.
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The foundry biz
Despite the strong quarter, there weren’t many details on what will happen next with Intel’s foundry business, which makes custom chips for customers. The business has floundered from the start and has been a focus of Tan, who initiated significant layoffs in its foundry business this summer.
The business appears to be a priority of the Trump administration; a key condition of the government’s investment in Intel includes language that it will penalize Intel if it divested from its foundry business over the next five years.
Wall Street is keeping a close eye on foundry for signs of the company’s long-term growth. Intel analysts told TechCrunch in August that the company did not need cash to turn itself around but rather a strategy to get its foundry business on track.
Tan said that Intel thinks its foundry business is “uniquely positioned” to capitalize on the swelling demand for chips but was light on the details — beyond saying that the company is actively engaging with potential foundry customers — and added that the growth of the foundry business would remain disciplined.
“Building a world-class foundry is a long-term effort founded on trust,” Tan said. “As a foundry, we need to ensure that our process can be easily used by a variety of customers, each with their unique way of building their own products. We must learn to delight our customers as they count on us to build wafers, to meet all their needs for powerful performance, yield, cost, and schedule.”