Published , by Donovan Erskine
Published , by Donovan Erskine
Intel (INTC) came forth today with its earnings report for Q3 2023. The report provides a better idea of how the company fared over the last few months. While Intel was able to beat both earnings and EPS expectations in Q3, it certainly came at a cost.
Intel’s Q3 2023 earnings report was posted to its financial website after markets closed today. The company’s $14.2 billion in revenue during the quarter beats the $13.5 billion expectation. Intel also made $0.41 in earnings-per-share, nearly doubling the $0.22 expectation.
“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,” said Pat Gelsinger, Intel CEO. “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.”
It’s worth noting that Intel managed to cruise past financial expectations primarily due to cost cuts made during the quarter, including layoffs. Of course, the market was still pleased by the information in the report, and Intel (INTC) stock was on the rise as a result. Shares were valued as high as $34.90 after ending the day at $32.52.
Intel is far from the only tech/entertainment company reporting news today. Amazon also shared its Q3 2023 earnings, which showed a beat on revenue and earnings-per-share.