Intel Shares Experience Pre-Market Surge Following Q3 Earnings Report

Intel Corp. INTC shares saw a notable increase of 6% in pre-market trading on Friday. This positive movement came after the company released its third-quarter earnings report, which outperformed the expectations set by Wall Street, according to recent data.

On Thursday, Intel's shares closed at $21.52. The company reported a loss per share of 46 cents, which was higher than the anticipated loss of two cents. However, revenue for the quarter was reported at $13.28 billion, exceeding the consensus estimate of $13.02 billion, indicating strong performance despite the loss.

Pat Gelsinger, Intel's CEO, highlighted the company's achievements in both cost reduction and operational efficiency, stating, "Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter." Gelsinger also noted that Intel had successfully decreased customer inventory levels, which was part of their strategy to align with market expectations.

Despite the ongoing adjustments, the Client Computing Group (CCG) is expected to perform towards the upper end of seasonal norms. Looking ahead, Intel is projecting its fourth-quarter revenue to fall between $13.3 billion and $14.3 billion, with a midpoint expectation of approximately $13.8 billion.

Additionally, for the fourth quarter, Intel anticipates a gross margin of around 39.5%, and a non-GAAP earnings per share (EPS) of $0.12. The company also predicts further restructuring charges as part of its ongoing cost-saving initiatives.

Intel, Earnings, Stocks