Intel handily topped third quarter expectations as the company's PC business stabilized.
The company reported third-quarter earnings of 7 cents a share on revenue of $14.2 billion, down 8% from a year ago. Non-GAAP earnings for the quarter were 41 cents a share.
Wall Street expected Intel to report non-GAAP earnings of 22 cents a share on revenue of $13.6 billion.
While Intel isn't the juggernaut it once was, the company appears to be rebounding.
The company projected fourth quarter revenue of $14.6 billion to $15.6 billion with non-GAAP earnings of 44 cents a share.
CEO Pat Gelsinger said the company delivered "across-the-board progress" and is moving forward with its foundry business. By the numbers:
- The PC business had revenue of $7.9 billion, down 3% from the third quarter a year ago.
- Data Center and AI had revenue of $3.8 billion, down 10% from a year ago.
- Network and Edge delivered third quarter revenue of $1.5 billion, down 32% from a year ago.
- Foundry revenue was $311 million.
