Intel Reports Record Losses but Offers Positive Outlook

Despite a $16.6 billion loss in Q3, Intel's stock rises on better-than-expected revenue and optimistic fourth-quarter guidance.

Intel's Q3 2024 revenue reached $13.3 billion, exceeding analyst expectations, but marked a 6% year-over-year decline.
The company posted a historic $16.6 billion loss due to $18.5 billion in restructuring and impairment charges.
Intel's Data Center and AI Group reported a 9% increase in revenue, driven by its AI chip initiatives, despite overall market struggles.
CEO Pat Gelsinger highlighted ongoing cost-cutting measures, including a $10 billion reduction plan and layoffs of over 15,000 employees.
Intel's stock surged up to 15% in after-hours trading as investors responded positively to its Q4 revenue forecast of $13.3 to $14.3 billion.