HomeTechnologyIntel Shares Rise After Reporting Unexpected Profit

Intel Shares Rise After Reporting Unexpected Profit

Intel reported a surprise second-quarter profit on Friday, sending shares in the company higher by 6%. The company’s strong performance was unexpected given the recent slump in the PC market as a whole.

Revenue fell by 15% to $12.9 billion from $15.3 billion a year ago, marking the sixth consecutive quarter of declining PC sales. Intel’s data center and AI business fell 15% to $4 billion from $4.7 billion during the previous year, while its Client Computing group—the biggest business unit that concerns laptop and desktop shipments – saw a 12% slump in revenue from the previous year to $6.8 billion.

Despite the decline in revenue, Intel was able to record earnings per share of 13 cents, thereby beating a loss of 3 cents per share expected by industry analysts. The semiconductor producer has forecast earnings per share of 20 cents for the current quarter.

For the third quarter, Intel has projected an adjusted gross margin of 43%, higher than estimates of 40%. In 2024, the company expects to sell at least $1 billion worth of its AI chips.

Intel’s shares have risen by about 30% so far for the year to date.

Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval

Kroger and Albertsons have announced plans to sell more stores in an attempt to get the green light for their $25 billion merger. Kroger reached...

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...