Intel stock jumps 7% on ‘pretty’ solid results and guidance

Intel stock jumps 7% on ‘reasonably’ noteworthy outcomes and guidance

© Reuters. Intel stock jumps 6% on Q2 beat & noteworthy guidance
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Intel (NASDAQ:INTC) stock surged bigger than 7% in pre-market Friday after the firm reported Q2 outcomes and equipped a extra obvious-than-expected outlook for this quarter.

EPS came in at $0.13, better than the consensus estimate that used to be procuring for a loss per fragment of $0.04. Revenue fell 15% year-over-year to $12.9 billion, however quiet beating the consensus estimate of $12.09B.

Client Computing (CCG) used to be down 12% year-over-year to $6.8B, Knowledge Center and AI (DCAI) used to be down 15% to $4.0B, Network and Edge (NEX) used to be down 38% to $1.4B, Mobileye used to be down 1% to $454 million, while Intel Foundry Services (IFS) used to be up 307% to $232M.

“Our Q2 outcomes exceeded the high cease of our guidance as we continue to attain on our strategic priorities, along with constructing momentum with our foundry business and delivering on our product and course of roadmaps,” acknowledged CEO Pat Gelsinger.

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For Q3/23, the firm expects revenue within the vary of $12.9-13.9B, when in contrast with the consensus estimate of $13.23B. The adjusted EPS is viewed at $0.20, again better than the analyst expectations for earnings of $0.13 per fragment.

Bernstein analysts lifted the associated rate goal on INTC stock by $2 to $34 per fragment reflecting "reasonably noteworthy" outcomes.

"We admit to warming (very a runt) to it, however there might be bigger than enough here to raise us sidelined for now," they commented on the INTC stock.

Barclays analysts also raised the associated rate goal by $2, even though they also remain reasonably cautious on the stock.

"[Intel] beat low hurdle on a sooner PC restoration however glimpse runt catalyst for thunder and a exhausting transition roadmap to navigate."

Additional reporting by Senad Karaahmetovic

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