Chipmaker Intel Beats Q3 Targets As PC Market Improves

Chipmaker Intel (INTC) late Thursday beat Wall Street’s targets for the third quarter and guided higher than estimates for the current period. Intel stock rose in extended trading.

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The Santa Clara, Calif.-based company earned an adjusted 41 cents a share on sales of $14.16 billion in the September quarter. Analysts polled by FactSet had expected Intel earnings of 22 cents a share on sales of $13.57 billion. In the year-earlier period, Intel earned 59 cents a share on sales of $15.34 billion.

Intel’s earnings have declined for eight straight quarters on a year-over-year basis. Its sales have fallen for seven quarters in a row.

In after-hours trading on the stock market today, Intel stock rose 6.1% to 34.50. During the regular session Thursday, Intel stock dipped 0.9% to close at 32.52.

Earnings report details to follow.

Intel’s earnings report was its first since the company terminated its agreement to buy Tower Semiconductor (TSEM) on Aug. 16. Intel had failed to receive regulatory approvals for the deal, which it announced in February 2022.

Impinj Jumps On Earnings News

Other semiconductor stocks moving on earnings news Thursday included Impinj (PI), MaxLinear (MXL) and STMicroelectronics (STM).

Impinj stock rocketed 23.9% to 61.54 on Thursday after the tracking-chip maker posted better-than-expected third-quarter results with upbeat guidance.

MaxLinear stock tumbled 22% to 14.36 after the communications chipmaker missed expectations for sales and earnings in the third quarter. Its outlook also was below estimates as it continues to deal with high inventories.

STMicro stock rose 3.2% to 40.24 after the automotive and industrial chipmaker beat estimates for the third quarter. However, its sales guidance for the fourth quarter was below views.

Intel stock ranks No. 11 out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to IBD Stock Checkup. STMicro ranks eighth in that group.

Meanwhile, Impinj ranks No. 12 out of 37 stocks in IBD’s fabless semiconductor industry group. MaxLinear is No. 17 in the fabless chip group.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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