Intel Reports Strong Q3 Earnings
(MENAFN) Intel shares surged as much as 7% on Thursday following the release of the company’s third-quarter earnings and revenue, which surpassed analysts’ expectations.
The US chipmaker revealed its financial performance for the July-September quarter, posting revenue of $13.7 billion, marking a 3% increase from $13.3 billion during the same period last year.
After recording a net loss of approximately $16.6 billion in the third quarter of 2024, Intel reported a net profit of $4.1 billion for the corresponding quarter this year.
Earnings per share were $0.90, a significant turnaround from a loss of $3.88 per share a year earlier.
“Our Q3 results reflect improved execution and steady progress against our strategic priorities,” stated Intel’s CEO, Lip-Bu Tan.
He added, “AI is accelerating demand for compute and creating attractive opportunities across our portfolio, including our core x86 platforms, new efforts in purpose-built ASICs and accelerators, and foundry services.”
Tan also highlighted that the company’s “industry-leading CPUs and ecosystem, along with our unique US-based leading-edge logic manufacturing and R&D, position us well to capitalize on these trends over time.”
In August, following US President Donald Trump’s call for Tan’s resignation over alleged connections to Chinese firms, the US government reached an unusual agreement to acquire a 10% stake in Intel for $8.9 billion.
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