Intel (INTC) Q3 2024 earnings results beat revenue expectations on massive $16.64 billion loss

Published , by Donovan Erskine

Intel (INTC) has released its Q3 2024 earnings report, providing details about its latest financial quarter. The results were quite the mixed bag, as Intel beat revenue expectations but missed the EPS estimate by a large margin.

Intel’s Q3 2024 earnings report was published at the close of markets today. The company reported $13.28 billion in revenue, beating the expectation of $13 billion. However, Intel lost $0.46 per share, which is far more than the expected loss of $0.02. Intel says this is mainly due to impairment charges that the company wrote down in Q3.

“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.

Intel (INTC) stock took a jump in after-hours trading. Its valuation hit as high as $24.39 after ending the day at $21.52. Intel is also forecasting a higher-than-expected profit for Q4 2024.