Intel Tops EPS Estimates Despite Revenue Decline

Published 1 days agoINTC

Intel Tops EPS Estimates Despite Revenue Decline

Intel reported a 7.7% year-over-year decline in third-quarter revenue, landing at $14.16 billion. Despite this drop, the company posted earnings per share of $0.41, exceeding analysts' expectations of $0.21, as highlighted by Zacks. These results demonstrate a mixed performance, showcasing both challenges in revenue and success in profitability.

In the chip-making sector, Intel's foundry business experienced significant losses, with operating losses jumping to $7 billion in 2023 from $5.2 billion in the previous year. As reported by Reuters, revenues in this division fell 31%, decreasing from $27.49 billion in 2022 to $18.9 billion, highlighting the intense struggle within this competitive market segment.

Under CEO Pat Gelsinger, Intel continues to navigate a transformation focusing on boosting its manufacturing and AI capabilities. Since assuming leadership in 2021, Gelsinger has faced ongoing challenges, including technical setbacks and tensions with partners such as TSMC. However, as reported by Reuters, his leadership is marked by an optimistic outlook aiming to reinvigorate Intel's standing in the semiconductor industry.

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