Intel Jumps On Surprise Profit

Sep 1, 2023 thejournalbiz

Intel Corp. jumped after the beleaguered chipmaking pioneer declared an end to the personal computer slump and said the second half of 2023 will show that its long-awaited comeback is underway, Bloomberg reports

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@intel Jumps On Surprise Profit!
Intel Corp. jumped after the beleaguered chipmaking pioneer declared an end to the personal computer slump#intel #semiconductor #chips pic.twitter.com/UmOd4MIYlZ

— The_Journalbiz (@the_journalbiz) September 1, 2023

Bloomberg Chart on Intel

The outlook suggests Intel has turned a corner after sluggish demand for PC chips battered its business.

CEO Pat Gelsinger said inventory of those components is now back to normal levels, prompting customers to resume orders. He expects a sustained recovery in year’s final six months for that side of the business.

The latest numbers and the market’s reaction are “indicative of that turning point for the company,” Gelsinger said Friday for Bloomberg. “It’s nice bouncing off the bottom. We still have a long way to go.”

Gelsinger spoke a day after Intel surprised Wall Street with a second-quarter profit and a bullish sales forecast for the current period that topped analysts’ estimates. Intel surged 5.9% to $36.57 at 1:18 p.m. in New York, pushing the stock toward its biggest rally since March 29. It was at or near the top of major US equity indexes.