Intel Stock Price Rallied 7.35% Despite Its Q3 ’23 Revenues Falling

The Intel Corporation (NASDAQ: INTC) stock price rallied 7.35% after releasing its third-quarter earnings results, where it reported total revenue of $14.2 billion, which represented an 8% decline compared to the previous year.

During the same quarter, earnings per share (EPS) attributable to Intel amounted to $0.07, while non-GAAP EPS attributable to Intel stood at $0.41. This financial performance exceeded the high end of the company's guidance. It was driven by robust operating leverage and disciplined expense management.

Additionally, Intel achieved significant milestones across various areas, including process and product development, foundry operations, and artificial intelligence (AI) initiatives.

Intel has set its sights on the fourth quarter, expecting revenue to range between $14.6 billion to $15.6 billion. The company anticipates EPS attributable to Intel to be around $0.23, with non-GAAP EPS attributable to Intel projected at $0.44 for the same period.

Intel remains on track to achieve its goal of achieving five nodes in four years, focusing on regaining transistor performance and power performance leadership by 2025. Intel 4, the company's first node utilising extreme ultraviolet (EUV) technology, has entered high-volume manufacturing. 

Additionally, Intel achieved a crucial milestone on Intel 18A by releasing the 0.9 Process Design Kit (PDK). Intel has announced one of the industry's first glass substrates for advanced packaging, scheduled for deployment later in the decade. 

Intel is investing in manufacturing capacity to create a secure and resilient supply chain with a geographically balanced presence. The opening of Fab 34 in Leixlip, Ireland, along with planned facilities in Magdeburg, Germany, and Wrocław, Poland, is part of the same strategy. 

Intel is modernising and expanding its Gordon Moore Park at Ronler Acres in Oregon, a prominent semiconductor innovation and productisation hub. Intel has submitted significant manufacturing proposals in Arizona, New Mexico, Ohio, and Oregon to the U.S. 

Pat Gelsinger, Intel CEO, said: “We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps, agreements with new foundry customers, and momentum as we bring AI everywhere. We continue to make meaningful progress on our IDM 2.0 transformation by relentlessly advancing our strategy, rebuilding our execution engine and delivering on our commitments to our customers.”

Intel stock price. 

The Intel stock price rallied 7.35% to trade at $34.91 from Thrusday’s closing price of $32.52.