Intel surprises investors: shares soar 9% despite huge losses
Kyiv • UNN
Intel posted better-than-expected results with revenues of $13.28 billion in the third quarter. The company forecasts revenue growth in the fourth quarter to $13.3-14.3 billion.
Intel beats revenue expectations in earnings report - one of the largest PC chip makers predicts fourth-quarter revenue above previous estimates.
Writes UNN with reference to the WSJ and Yahoo! Finance.
Intel shares rose by about 9% in post-market trading after quarterly revenue, although down year-on-year, was slightly better than expected.
For the quarter, Intel posted a loss per share of $0.46 on revenue of $13.28 billion. Analysts had expected a loss per share of $0.03 on revenue of $13 billion.
Intel said it expects fourth-quarter revenue of $13.3 billion to $14.3 billion. Wall Street was expecting $13.6 billion. The company also said it has two new customers for the 18A processor.
For reference
The Intel Foundry business, which is responsible for manufacturing chips for Intel and third-party customers, generated revenue of $4.35 billion. Wall Street was expecting $4.4 billion. The division's revenue in the third quarter of 2023 amounted to $4.7 billion.
