Signage outside Intel headquarters in Santa Clara, California, on Monday, Jan. 30, 2023.
David Paul Morris | Bloomberg | Getty Images
Intel shares rose about 7% 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’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: $14.16 billion, versus $13.53 billion expected
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.
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.
Revenue fell 8% from $15.33 billion a year ago, the seventh consecutive quarter of declining sales.
Intel CFO David Zinsner said in a statement that the company’s earnings per share benefited from thhe company controlling expenses.
