Intel Stock Climbs On Better-Than-Expected Q3 Results: Details (CORRECTED)

Erica Kollmann

October 31, 2024

Editors Note: The EPS and estimate were corrected, as was the consensus revenue estimate; bullet points updated.

Intel Corp. (NASDAQ:INTC) reported its third-quarter results after Thursday's closing bell. Here's a look at the details from the report.

The Details: Intel reported an EPS loss of 46 cents against an estimate of a loss of two cents. Quarterly revenue clocked in at $13.28 billion, which beat the consensus estimate of $13.02 billion.

“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Pat Gelsinger, Intel CEO.

“The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead,” Gelsinger added.

The company recorded an impact of negative 63 cents to non-GAAP EPS attributable to Intel from $3.1 billion of impairment charges.

“Restructuring charges meaningfully impacted Q3 profitability as we took important steps toward our cost reduction goal,” said David Zinsner, Intel CFO. “The actions we took this quarter position us for improved profitability and enhanced liquidity as we continue to execute our strategy. We are encouraged by improved underlying trends, reflected in our Q4 guidance.”

Outlook: Intel expects fourth-quarter earnings of 12 cents per share and gross margin of 39.5%.

Read Next: Reddit ‘Remains A Favorite’ For Wall Street After ‘Emphatic Beat And Raise’ In Q3

INTC Price Action: According to Benzinga Pro, Intel shares are up 12.27% after-hours at $24.17 at the time of publication Thursday.

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