Intel shares pop 12% on earnings beat, uplifting guidance [CNBC]
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Source: CNBC
During the quarter, the chipmaker announced plans to make its foundry business into a standalone subsidiary, which would open up third-party funding options. Intel shares jumped 12% in extended trading on Thursday after the chipmaker reported better-than-expected revenue and issued quarterly guidance that topped expectations. Here's how the company did in comparison with LSEG consensus: Intel's revenue declined 6% year over year in the quarter, which ended on Sept. 28, according to a statement. The company registered a net loss of $16.99 billion, or $3.88 per share, compared with net earnings of $310 million, or 7 cents per share, in the same quarter a year ago. As part of its cost reduction plan, Intel recognized $2.8 billion in restructuring charges during the quarter. There were also $15.9 billion in impairment charges. Intel has been mired in an extended slump due to market share losses in its core businesses and an inability to crack artificial intelligence. CEO Pat Ge
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