Intel has released its earnings for the third quarter, revealing a revenue of $13.7 billion, surpassing analysts’ expectations of $13.15 billion. This strong performance has resulted in the company’s stock rising by more than 4%.
In terms of adjusted earnings per share (EPS), Intel reported 23 cents, also exceeding forecasts. However, the company has provided a more conservative outlook for the fourth quarter, projecting an adjusted EPS of 8 cents, which falls short of analysts’ estimates. For revenue in the upcoming quarter, Intel anticipates around $13.3 billion at the midpoint, slightly below the expected $13.4 billion. Notably, the company indicated that this guidance would exclude contributions from its Altera division.
Examining various segments, Intel’s foundry division reported a significant operating loss of $2.3 billion for the third quarter. This loss was greater than expected but showed improvement compared to the previous year.
In a statement, CEO Pat Gelsinger highlighted the impact of artificial intelligence, noting that it is accelerating the demand for computing power and generating promising opportunities across Intel’s product lineup. This assertion reflects Intel’s ongoing commitment to leveraging advancements in technology to drive growth and innovation in the semiconductor industry.
