Intel Corp. INTC shares experienced a significant 6% increase in pre-market trading on Friday, according to Benzinga Pro. This surge followed the announcement of its third-quarter earnings, which exceeded Wall Street’s expectations.
Intel closed at $21.52 on Thursday. The company reported a loss per share of 46 cents, contrary to the forecasted loss of two cents. Revenue for the quarter reached $13.28 billion, surpassing the consensus estimate of $13.02 billion.
Pat Gelsinger, Intel’s CEO, emphasized the company’s progress in cost reduction and efficiency improvements, stating, “Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter.”
Gelsinger also mentioned that Intel successfully reduced client customer inventory levels, aligning with their expectations. Despite ongoing inventory reductions, the Client Computing Group (CCG) is expected to grow towards the higher end of seasonal norms. Fourth-quarter revenue is projected to be between $13.3 billion and $14.3 billion, with a midpoint expectation of $13.8 billion.
Intel anticipates a gross margin of approximately 39.5% and an EPS of $0.12 on a non-GAAP basis for the fourth quarter. The company also foresees additional restructuring charges as it continues to execute its cost-saving strategies.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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