Intel Shares Experience Notable Surge Following Q3 Earnings Report

Intel Corp. INTC saw a notable 6% rise in its share price during pre-market trading on Friday, following the release of its third-quarter earnings that beat the expectations set by Wall Street analysts, as reported by Benzinga Pro.

On Thursday, the company's shares closed at $21.52. The earnings report revealed a loss per share of 46 cents, which was significantly higher than the anticipated loss of 2 cents. However, Intel's revenue for the quarter reached $13.28 billion, exceeding the forecasted amount of $13.02 billion.

Pat Gelsinger, the CEO of Intel, highlighted the firm’s strides in reducing costs and increasing operational efficiency, commenting: “Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter.”

Gelsinger also pointed out that Intel successfully lowered client customer inventory levels, which aligns with their expectations. Looking ahead, despite the ongoing reduction of inventory, the Client Computing Group (CCG) is projected to grow within the higher range of seasonal trends. For the fourth quarter, the revenue is anticipated to be between $13.3 billion and $14.3 billion, with a midpoint estimate of $13.8 billion.

Intel projects a gross margin of around 39.5% and expects an earnings per share (EPS) of $0.12 on a non-GAAP basis for the upcoming fourth quarter. Furthermore, the company anticipates additional restructuring charges as part of its ongoing cost-saving initiatives.

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Intel, Earnings, Stocks