Intel's Q3 better than expected as PC business stabilizes
Published October 26, 2023
Intel handily topped third quarter expectations as the company's PC business stabilized.
The company reported third-quarter earnings of 7 cents a share on revenue of $14.2 billion, down 8% from a year ago. Non-GAAP earnings for the quarter were 41 cents a share.
Wall Street expected Intel to report non-GAAP earnings of 22 cents a share on revenue of $13.6 billion.
While Intel isn't the juggernaut it once was, the company appears to be rebounding.
The company projected fourth quarter revenue of $14.6 billion to $15.6 billion with non-GAAP earnings of 44 cents a share.
CEO Pat Gelsinger said the company delivered "across-the-board progress" and is moving forward with its foundry business. By the numbers:
- The PC business had revenue of $7.9 billion, down 3% from the third quarter a year ago.
- Data Center and AI had revenue of $3.8 billion, down 10% from a year ago.
- Network and Edge delivered third quarter revenue of $1.5 billion, down 32% from a year ago.
- Foundry revenue was $311 million.
About Larry Dignan:
Dignan was most recently Celonis Media’s Editor-in-Chief, where he sat at the intersection of media and marketing. He is the former Editor-in-Chief of ZDNet and has covered the technology industry and transformation trends for more than two decades, publishing articles in CNET, Knowledge@Wharton, Wall Street Week, Interactive Week, The New York Times, and Financial Planning.
He is also an Adjunct Professor at Temple University and a member of the Advisory Board for The Fox Business School's Institute of Business and Information Technology.
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Published
October 26, 2023
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