From CNET: After months of being punished by skeptical investors, Intel's stock rose in after-hours trading after the company reported better than expected profits on Thursday. But that was against a grim backdrop, as the chipmaker lowered its expectations for full-year results during hard economic conditions.
Intel reported net income of $1 billion, or 25 cents per share, for the third quarter, an 85% decrease from the previous year. Adjusting for items like stock compensation and restructuring chargers, its 59 cents per share of profit well exceeded estimates of 32 cents from analysts surveyed by Yahoo. Its $15.3 billion in revenue was close to the $15.2 billion expected.
Chief Executive Pat Gelsinger pointed to "worsening economic conditions" but said the company is cutting costs as a result, saving $3 billion in 2023 and $8 billion to $10 billion a year by 2025. That will include layoffs, he said during a conference call about the financial results.
Stock rose 6% to $27.85 in after-hours trading.
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