Official press releases from Intel or major news outlets

Intel Shares Surge 14% on Positive Q4 Forecast Despite $16.6 Billion Loss, Rebuilding Plan

Oct 31, 2024, 08:12 PM

Intel shares surged in post-market trading, jumping by as much as 14%, after the company provided a fourth-quarter revenue forecast slightly above estimates. Despite posting a significant $16.6 billion net loss in Q3, largely attributed to restructuring charges, the upbeat guidance has sparked optimism about Intel's ability to reclaim lost market share. The company's earnings beat and positive outlook have driven investor confidence, even amid competition in the AI chip market from rivals such as NVIDIA and AMD. Intel shares saw increases of 9%, 12.6%, and 13% at different points in after-hours trading, reflecting strong investor sentiment. The surge comes as part of Intel's broader rebuilding plan.