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.

The post Intel Stock Surges on Strong Earnings appeared first on theprimarymarket.com.

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.

The post Intel Shares Rise After Reporting Unexpected Profit appeared first on theprimarymarket.com.

Wall Street analysts expect Intel to report revenue of $11.1 billion, down from the $18.4 billion reported in the first quarter of 2022. This would result in adjusted losses per share of $0.15, compared to adjusted earnings per share of $0.87.

PC sales are expected to have dropped to $4.9 billion from $9.3 billion in Q1 of 2022, while the company’s revenue stemming from its data center and AI business is expected to have declined to $3.5 billion from $6.0 billion during the same period in the previous year.

Intel shares have fallen by 36% over the past few years as the company continues to struggle to compete with the likes of Nvidia and AMD on the AI front. Since the start of the year, Intel’s stock is up by just 9%.

The post Intel Expected to Report Sales Slump in Q1 Earnings Report appeared first on theprimarymarket.com.

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.

The post Intel Stock Surges on Strong Earnings appeared first on theprimarymarket.com.

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.

The post Intel Shares Rise After Reporting Unexpected Profit appeared first on theprimarymarket.com.

Wall Street analysts expect Intel to report revenue of $11.1 billion, down from the $18.4 billion reported in the first quarter of 2022. This would result in adjusted losses per share of $0.15, compared to adjusted earnings per share of $0.87.

PC sales are expected to have dropped to $4.9 billion from $9.3 billion in Q1 of 2022, while the company’s revenue stemming from its data center and AI business is expected to have declined to $3.5 billion from $6.0 billion during the same period in the previous year.

Intel shares have fallen by 36% over the past few years as the company continues to struggle to compete with the likes of Nvidia and AMD on the AI front. Since the start of the year, Intel’s stock is up by just 9%.

The post Intel Expected to Report Sales Slump in Q1 Earnings Report appeared first on theprimarymarket.com.