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”.