Intel Stock ( NASDAQ:INTC )
Investors backed the semiconductor company Intel ( NASDAQ:INTC ) on Friday after it announced intentions to cut employment and reported better-than-expected profits.
Chief Executive Pat Gelsinger of Intel ( NASDAQ:INTC ) said late Thursday at a conference that the business will be “taking aggressive efforts to decrease expenses” due to “the present climate” in the technology industry. Gelsinger then used corporate jargon to explain that the corporation will take “measures to optimize our personnel” in its efforts.
The number of people laid off from Intel ( NASDAQ:INTC ) was not made public.
In addition to Gelsinger’s analysis, Intel ( NASDAQ:INTC ) announced a quarterly profit of 59 cents per share on sales of $15.3 billion. According to analysts’ estimates, Intel stock earnings per share were expected to be 33 cents on sales of $15.3 billion.
Intel ( NASDAQ:INTC ) expects to earn 20 cents a share, excluding one-time items, on sales of between $14B and $15B for the fourth quarter but notes that there will be challenges ahead. The business has reduced its full-year revenue projection from $65 billion to $68 billion to $63 billion to $64 billion.
Blayne Curtis, an analyst at Barclays, raised Intel stock from underweight to equal weight. According to Curtis, the PC industry is nearing a bottom, which bodes well for In...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube