By Davit Kirakosyan
Intel (NASDAQ:INTC) shares rose more than 7% after-hours despite the company cutting its fiscal 2022 guidance for the second time this year.
Q3 EPS came in at $0.59, beating the consensus of $0.34, while revenue of $15.3 billion (down 15% year-over-year) came in below the consensus of $15.43 billion.
"Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter. To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future,” said Pat Gelsinger, Intel CEO.
The company expects Q4/22 EPS of $0.20, compared to the consensus of $0.60, and revenue in the range of $14-15 billion, compared to the consensus of $16.3 billion.
The company lowered its fiscal 2022 outlook again, expecting EPS of $1.95 (down $0.35 from the prior outlook) and revenue in the range of $63-64 billion (down $2-4 billion from the prior outlook).