Intel posts profit even as it struggles to regain market share
Intel posted profits in the latest quarter as the one-time America technology icon struggles to regain market share
Intel posted profits in the latest quarter as the one-time America technology icon struggles to regain market share.
Intel reported net income of $4.1 billion, or 90 cents per share in the three months through September, up from a loss of $17 billion, or $3.88 cents per share, a year earlier. Excluding some one-time items, the company posted a profit of 8 cents per share.
Revenue was $13.7 billion, up 3% from a year ago.
The U.S. became a 10% owner of the company in August in a startling move for a Republican prsident, bucking that party's long-held belief that the governments shouldn’t try to pick corporate winners and losers.
Intel rose nearly 8% in after-hours trading to $41.10 per share.
Recently installed CEO Lip-Bu Tan has been cutting thousand of positions and mothballing projects to cut costs.