Intel reported strong third-quarter revenue of $13.7 billion, a 6% increase sequentially and 3% year over year. Adjusted gross margin of 40% exceeded guidance of 36%. Client computing revenue rose 5% due to PC upgrades to Windows 11. However, concerns remain about the adoption of Intel’s best products over older processors. Intel’s stock rose 7% after hours, but there are doubts about its long-term turnaround success. Intel needs to attract external foundry customers and regain market share from AMD in x86 processors to drive future growth.

Read more at Morningstar: Intel Earnings: Relatively Strong, but Turnaround Risks Remain; $28 Fair Value Maintained