Chip Giant Intel's Surprising Q3 Results: A Turning Point?

Intel, a major player in the tech world, had a quarter that surprised everyone. Their shares jumped 9% after hours on Thursday due to better-than-expected revenue. Pat Gelsinger, Intel's CEO, has been facing a tough time with the company's performance, but the latest numbers brought some relief. The chipmaker reported a revenue of $13. 28 billion, which was higher than the expected $13. 02 billion. However, it's not all good news. Intel's revenue dropped by 6% compared to last year's same quarter. The company also faced a net loss of $16. 99 billion, a sharp contrast to the $310 million profit from the previous year. Pat Gelsinger mentioned plans to spin off the foundry business to get external funding.Intel's Client Computing Group, which deals with PC chips, saw a 7% drop in revenue to $7. 33 billion, slightly below analysts' expectations. On the other hand, the Data Center and AI segment showed growth, reaching $3. 35 billion, a 9% increase. Intel also announced new products, including Xeon 6 server processors and Gaudi AI accelerators. They project adjusted earnings of 12 cents per share and revenue between $13. 3 billion and $14. 3 billion for the next quarter. Some interesting developments include reports of Qualcomm considering a takeover and Intel hiring advisors to counter activist investors. As of Thursday, Intel shares were down 57% for the year, while the S&P 500 index was up 20%. Experts will discuss these results in a conference call starting at 5 p. m. ET. Keep an eye out for updates!