Intel announced a strong financial performance, reporting earnings of $1.5 bn. The company's revenue exceeded expectations, reaching $12.9 billion. However, it is still behind last year's revenue.
Intel reported second-quarter earnings on Thursday, including a return to profitability after two straight quarters of losses, and a stronger-than-expected forecast. CNBC reports: For the third quarter, Intel expects earnings of $0.20 per share, adjusted, on revenue of $13.4 billion at the midpoint.
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Intel (NASDAQ:INTC) shares gained about 7% on Friday after the legacy chipmaker reported second-quarter results that were ahead of market expectations.
Intel management has told investors that the company’s turnaround will take time, and that it is aiming to match TSMC’s chip manufacturing prowess by 2026.