Intel Soared Over 7% in Premarket Trading After Returning to Profitability
Tiger Newspress2023-07-28
Intel soared over 7% in premarket trading after returning to profitability.
It swung to a quarterly profit after two quarters of record losses, boosted by a turnaround in the personal-computer market.
The $1.5 billion profit defied analysts' expectations of another loss. It came after the $2.76 billion shortfall that Intel reported the previous quarter, the worst ever recorded for the storied chip maker.
Its revenue rose in the second quarter compared with the previous one, reaching $12.9 billion and exceeding Wall Street forecasts. Revenue was 15% lower than during the same quarter a year earlier.
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