Intel shares rose sharply on Thursday after the chipmaker reported quarterly results that topped analyst expectations and issued a positive outlook for the next quarter.
The company posted adjusted earnings of 18 cents per share, beating the consensus estimate of 14 cents. Revenue reached 15.4 billion dollars, slightly above the 15.1 billion forecast. Intel attributed the better-than-expected performance to strong demand in its data center and artificial intelligence chip segments.
Chief Financial Officer David Zinsner said the company expects revenue for the current quarter to be between 15.6 and 16.2 billion dollars. This guidance reflects confidence in ongoing recovery in the PC market and steady demand for high-performance computing chips.
Analysts at Goldman Sachs upgraded Intel’s stock to buy from neutral, citing improving fundamentals and a more favorable outlook for the semiconductor industry. The stock gained more than 6% in early trading, extending a rally that began after the company’s last earnings report.
Intel’s turnaround comes as rivals like AMD and Nvidia continue to dominate key markets. The company remains focused on expanding its foundry business, aiming to compete with Taiwan Semiconductor Manufacturing Company and Samsung in advanced chip production.
Source: e24.no