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
- Panasonic announces record loss May 13th 2012 at 11:52PM
- Intel's new 'NUC' tiny form factor PC May 2nd 2012 at 3:18AM
- Ivy Bridge is a hot overclocker Apr 30th 2012 at 10:55PM
- Intel's first x86 Android phone reviewed Apr 26th 2012 at 12:13AM
- Apple sells 35 million iPhones Apr 25th 2012 at 1:26AM
- Intel launches Ivy Bridge processors Apr 23rd 2012 at 10:04PM
- Intel says higher resolutions are coming Apr 20th 2012 at 9:03AM
- Microsoft beats earnings expectations Apr 20th 2012 at 12:20AM
- Nokia suffers £1 billion first quarter loss Apr 19th 2012 at 11:54PM
- Intel profit dips but Otellini upbeat Apr 17th 2012 at 11:55PM
