Intel's Q3 earnings report shows stronger-than-expected earnings, driving shares up 9% in after-hours trading.

From CNBC: 2024-10-31 17:26:40

Intel shares surged 9% in after-hours trading after the chipmaker posted stronger-than-expected earnings and provided upbeat quarterly guidance. Revenue for the fiscal third quarter fell 6% year over year, with a net loss of $16.99 billion. Intel is restructuring its foundry business into an independent subsidiary, exploring outside funding options, and defending against activist investors.

Despite a decline in revenue from the Client Computing Group, Intel’s Data Center and AI segment saw a 9% increase. The company announced the launch of Xeon 6 server processors and Gaudi AI accelerators. However, Gaudi uptake was slower than anticipated, leading to a revenue shortfall. Intel shares are down 57% for the year, contrasting with the S&P 500’s 20% gain.



Read more at CNBC:: Intel (INTC) Q3 earnings report 2024