Intel Corp shares rose by around 8% on Friday after the tech giant reported its third-quarter earnings the previous day. The chipmaker reported revenue of $14.16 billion, beating Wall Street estimates of $13.53 billion.
Earnings per share for the three months ending September was 41 cents per share, outperforming analysts’ expectations of 22 cents per share. This comes despite revenue falling by 8% from $15.33 billion the previous year.
Sales of the processor giant’s Client Computing group fell by 3% to $7.9 billion while sales in its Data Center and AI division slumped by 10% to $3.8 billion. In contrast, Mobileye, the company’s unit for self-driving car parts, saw sales spike 18% upwards to $530 million.
CEO Pat Gelsinger revealed to reporters that Intel would look to cut costs by $3 billion this year, with operating expenses already down by 15% from the previous year.