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Intel Corp. shares were popping nearly 8% in Thursday’s extended session after the chip maker easily cleared the bar with its third-quarter profit and delivered an upbeat forecast for the current quarter.
The company reported net income of $297 million, or 7 cents a share, compared with $1.0 billion, or 25 cents a share, in the year-earlier period. On an adjusted basis, Intel
INTC,
earned 41 cents a share, down from 59 cents a share a year prior, while analysts were looking for 22 cents a share.
Revenue dropped to $14.2 billion from $15.3 billion, while the FactSet consensus called for $13.6 billion.
The company saw revenue from its personal-computer segment, known as client-computing, drop 3% to $7.9 billion, whereas analysts were looking for $7.3 billion. Data-center and AI revenue fell 10% to $3.8 billion, narrowing missing the FactSet consensus, which was for $3.9 billion.
“We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps, agreements with new foundry customers, and momentum as we bring AI everywhere,” Chief Executive Pat Gelsinger said in a release.
Intel recorded a 45.8% adjusted gross margin, compared with 39.8% in the second quarter.
For the fourth quarter, Intel anticipates $14.6 billion to $15.6 billion in revenue, whereas analysts were looking for $14.4 billion. The company is also modeling 44 cents in adjusted earnings per share, while the FactSet consensus was for 33 cents.
Intel shares have climbed 24% so far this year, as the Dow Jones Industrial Average
DJIA
has lost about 1%.
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