Intel Corporation (NASDAQ:INTC) reported third-quarter 2024 financial results that exceeded analyst expectations, driving its stock up 10% in after-hours trading.
The chipmaker's revenue and forward guidance surpassed estimates, signaling potential stabilization in its business despite ongoing restructuring efforts.
Intel posted Q3 revenue of $13.3 billion, beating the analyst consensus of $13.02 billion and marking a 7.5% decrease YoY. The company reported an adjusted loss per share of -$0.46, which was worse than the -$0.02 expected by analysts. However, this figure was significantly impacted by $3.1 billion in impairment charges related to manufacturing assets.
Looking ahead, Intel provided an optimistic outlook for the fourth quarter. The company forecasts Q4 revenue between $13.3 billion and $14.3 billion, with the midpoint of $13.8 billion surpassing the analyst consensus of $13.66 billion.
Intel also expects Q4 adjusted earnings per share of $0.12, above the $0.08 analysts were anticipating.
CEO Pat Gelsinger commented on the results, stating, "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."
The company reported significant progress on its $10 billion cost reduction plan, recognizing $2.8 billion in restructuring charges during the quarter.
These initiatives include reducing headcount by 16,500 employees, Intel said.