{"id":36413,"date":"2023-10-26T20:55:09","date_gmt":"2023-10-26T20:55:09","guid":{"rendered":"https:\/\/prosfunds.com\/news\/intel-stock-rises-on-earnings-beat-and-strong-revenue-guidance\/"},"modified":"2023-10-26T20:55:12","modified_gmt":"2023-10-26T20:55:12","slug":"intel-stock-rises-on-earnings-beat-and-strong-revenue-guidance","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36413","title":{"rendered":"Intel stock rises on earnings beat and strong revenue guidance"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Intel<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shares rose about 6% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined.<\/p>\n<p>Here&#8217;s how Intel did versus LSEG (formerly Refinitiv) consensus expectations for the quarter ended October 1:<\/p>\n<ul>\n<li><strong>Earnings per share: <\/strong>41 cents, adjusted, versus 22 cents expected<\/li>\n<li><strong>Revenue: <\/strong>$14.16 billion, versus $13.53 billion expected<\/li>\n<\/ul>\n<p>For the fourth quarter, Intel expects earnings of 23 cents per share, adjusted, on revenue of $14.6 billion and $15.6 billion, versus LSEG expectations of 32 cents per share on $14.31 billion in sales.<\/p>\n<p>Intel posted GAAP net income of $297 million, or 7 cents per share, versus net income of $1.02 billion, or 25 cents per share in the same quarter last year. Intel&#8217;s gross margin for the quarter was 45.8%, which is flat year-over-year. <\/p>\n<p>Revenue fell 8% from $15.33 billion a year ago, the seventh consecutive quarter of declining sales. However, it told investors on Thursday that it expects revenue to grow again in the current quarter. <\/p>\n<p>CFO David Zinsner said in a statement that Intel&#8217;s earnings per share this quarter benefited from the company controlling expenses. Intel said it has 120,300 employees, down from 131,500 last year. <\/p>\n<p>Here&#8217;s how Intel&#8217;s business units performed:<\/p>\n<ul>\n<li>Sales in Intel\u2019s Client Computing group, including laptop and PC processor shipments, were down 3% to $7.9 billion.<\/li>\n<li>Intel\u2019s Data Center and AI division, which offers server chips, saw sales decline 10% to $3.8 billion.\u00a0Intel said it was seeing competitive pressure and a smaller overall market for server processors. <\/li>\n<li>Mobileye, a publicly-traded Intel subsidiary for self-driving car parts, was a bright spot, growing 18% to $530 million in sales.\u00a0<\/li>\n<li>Intel foundry services, the company\u2019s nascent chip manufacturing business, remains a small part of Intel with $311 million in revenue, but it grew nearly 300% on an annual basis.<\/li>\n<li>Intel\u2019s network and edge division, which sells networking parts, reported sales down 32% to $1.5 billion.\u00a0<\/li>\n<\/ul>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107324006\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107324006\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000320422\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Earlier this month, Intel said it would treat its programmable chip unit as a standalone business, and would seek to list it on public markets in the coming years. It\u2019s currently part of Intel\u2019s Data Center and AI group.<\/p>\n<p>Intel said that it remains on track to catch up with Taiwan Semiconductor Manufacturing Company&#8217;s chipmaking technology by 2025, a plan the company calls &#8220;five nodes in four years.&#8221;<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/26\/intel-intc-earnings-report-q3-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intel shares rose about 6% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. Here&#8217;s how Intel did versus LSEG (formerly Refinitiv) consensus expectations for the quarter ended October 1: Earnings per share: 41 cents, adjusted, versus 22 cents expected Revenue: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-36413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Intel stock rises on earnings beat and strong revenue guidance | Prosfunds<\/title>\n<meta name=\"description\" content=\"Intel shares rose about 6% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and\" \/>\n<meta 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