Intel Corporation (INTC) shares skyrocketed by 8.39% on November 1, 2024, following the company's better-than-expected third-quarter results and optimistic fourth-quarter guidance. The semiconductor giant's performance and outlook signaled progress in its turnaround efforts, fueling investor confidence.
For the third quarter, Intel reported revenue of $13.3 billion, exceeding analysts' expectations despite a 6% year-over-year decline. However, the company recorded a staggering net loss of $16.6 billion, primarily due to substantial restructuring charges and impairment costs totaling $18.7 billion. Excluding these one-time items, Intel's adjusted loss of $0.46 per share beat the consensus estimate of a $0.02 loss.
A notable highlight was the 9% revenue growth in Intel's Data Center and AI (DCAI) segment, driven by strong demand for AI-related products. This segment's performance underscored the company's efforts to capitalize on the burgeoning AI market.
Looking ahead, Intel provided an upbeat outlook for the fourth quarter, projecting revenue between $13.3 billion and $14.3 billion, with the midpoint slightly above analysts' consensus estimate of $13.66 billion. Additionally, the company expects an adjusted EPS of $0.12, surpassing the consensus forecast of $0.08.
