Intel's Q3 Performance Beats The Street, Chipmaker Issues Strong Q4 Outlook, Stock Gains

Intel Corporation INTC shares are trading higher in Thursday’s after-hours session on the heels of the company’s third-quarter earnings results.

What To Know: Intel reported earnings per share of 41 cents, beating the estimate of 22 cents per share. It clocked revenue of $14.2 billion, which topped the $13.532 billion estimate. Third quarter revenue fell 8% year-over-year.

The company cited strong operating leverage and expense discipline as keys to its success during the third quarter.

Additionally, the company’s Mobileye business unit reported third-quarter revenue of $530 million, up 18% from the same quarter last year.

Intel also provided other business highlights, including its progress to reach five nodes in four years and to re-take transistor performance and power performance leadership by 2025.

Guidance: Intel expects fourth-quarter earnings per of 44 cents versus the estimate of 30 cents. It sees revenue between $14.6 billion and $15.6 billion, far higher than the $13.53 billion estimate.

“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,” said Pat Gelsinger, Intel CEO. 

“We continue to make meaningful progress on our IDM 2.0 transformation by relentlessly advancing our strategy, rebuilding our execution engine and delivering on our commitments to our customers.”

Related Link: Enphase Falls Short Of Q3 Expectations, Issues Shabby Q4 Outlook, Stock Tanks

INTC Price Action: Shares of INTC were up 6.06% at $34.49 in the after-hours session at the time of publication, according to Benzinga Pro.

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