Shares of $Intel (INTC.US)$ are trading higher shortly after 4:15 PM ET on Thursday, following the company’s post-market Q3 results announcement.
The company reported quarterly earnings of $0.12 per share which beat the analyst consensus estimate of $-0.02 by 700%.
The company reported quarterly sales of $13.30 billion which beat the analyst consensus estimate of $13.02 billion by 2.15 percent. This is a 6.06% decrease over sales of $14.16 billion the same period last year.
“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Pat Gelsinger, Intel CEO.
“The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead.”
The company said that Q3 restructuring charges impacted profitability but set the company up for better future profitability and liquidity, with Q4 guidance reflecting positive underlying trends.
Intel projected adjusted earnings of 12 cents per share and revenue between $13.3 billion and $14.3 billion for the fiscal fourth quarter, surpassing analysts' expectations of 8 cents per share and $13.66 billion in revenue.
