2023-07-28 12:00:57 ET
Semiconductor stocks are ending the week on a high note as shares of chip giant Intel (NASDAQ: INTC) gain 5.8% through 10:35 a.m. Friday after beating earnings last night.
More than just good news for Intel, the results are also helping to pull up shares of both Silicon Motion (NASDAQ: SIMO) -- up 14.1% despite missing earnings -- and Qualcomm (NASDAQ: QCOM) -- up 2.7% even though it didn't report earnings at all.
Intel reported $0.13 per share in earnings, " adjusted " for what Intel considers one-time items, on sales of $12.9 billion. These numbers exceeded Wall Street's prediction that Intel would report an adjusted loss of $0.03 per share, and that $12.9 billion in sales was a heck of a lot better than the $11 billion in sales that analysts had forecast. What's more, when calculated according to generally accepted accounting principles ( GAAP ), Intel's results were...actually even better.
For further details see:
Why Intel, Qualcomm, and Silicon Motion Stocks All Jumped Today