Intel has beaten city expectations despite posting year-on-year revenue losses for the third quarter.
The firm saw Q3 revenues sit 8 per cent below last year’s performance. However, Q2 revenues were at a 15 per cent loss, and Intel posted a 26 per cent decline for the first financial quarter.
With Intel pulling in its revenue losses quicker than expected, Wall Street has been flocking to the chipmaker. Intel shares climbed close to 5 per cent in after-hour trading, at $21.48.
Q3 revenues sat at $9.4 billion, down by $828 million from last year, but ahead of the $9 billion target set at the end of August.
The firm is now expecting Q4 profit will rise by 62 per cent to around $10.1 billion.
“Intel’s strong third-quarter results underscore that computing is essential to people’s lives, proving the importance of technology innovation in leading an economic recovery,” said Intel CEO Paul Otellini in a written statement.
The firm’s chief financial officer said the promising results were partly due to “healthy back-to-school sales and inventory stocking in anticipation of a seasonally up fourth quarter”.
Advertisement
Related Stories
- New Intel Sandy Bridge graphics drivers Feb 8th 2012 at 4:10AM
- Panasonic joins Sony in forecasting massive losses Feb 6th 2012 at 7:59AM
- Sony unveils $2.9 billion loss, replaces CEO Feb 2nd 2012 at 7:03AM
- Intel launches new GPU-less Core i5, Celerons Jan 31st 2012 at 6:48AM
- Ultrabooks to 're-energise' the notebook market Jan 25th 2012 at 8:01AM
- Apple profits surge ahead Jan 25th 2012 at 6:34AM
- Another Intel record quarter, invests in mobile Jan 20th 2012 at 6:42AM
- Microsoft's Windows revenue down Jan 20th 2012 at 5:53AM
- Intel launches Performance Tuning warranty for overclockers Jan 19th 2012 at 4:22AM
Follow Follow this article if you would like to receive notifications of updates.
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!