Shares of Intel rose in late trading after the company reported quarterly results after the closing bell.

The stock was recently up more than 4%. It was down more than 3% in Thursday's regular session.

Intel said it expects sales of $14 billion-$15 billion for the current quarter, below Wall Street's forecast above $16 billion. It also trimmed its full-year revenue and profit outlook and said it was targeting $3 billion on cost reductions in 2023.

From the company's report:

Quarterly revenue of $15.3 billion, compared with FactSet's consensus estimate of $15.3 billion and guidance of $15 billion-$16 billion

Net income of $1 billion, compared with an expected $494 million

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