Intel Achieved a 3% Increase in Third Quarter Revenues

Strong Third Quarter Results from Intel

The technology giant Intel announced its financial results for the third quarter of 2023. According to the balance sheet for the period from July to September, the company's revenue rose 3 percent to $13.7 billion. In the same period last year, this figure was $13.3 billion.

Exceeding Expectations

Intel's third-quarter revenue attracted attention by surpassing market analysts' estimates. The company, which reported a net loss of $16.6 billion in the same period last year, achieved a net profit of $4.1 billion this year, with earnings per share of $0.90. The previous year, it registered a loss of $3.88 per share.

Steps to Strengthen the Balance Sheet

Intel CEO Lip-Bu Tan stated that the third-quarter results demonstrate progress towards the company's strategic goals. The company's Chief Financial Officer David Zinsner provided information about the steps taken to strengthen the balance sheet. In this context, the role of investments provided by the U.S. government and investments from Nvidia and SoftBank Group was emphasized.

Demand Increase Expected to Continue Until 2026

Zinsner stated, "Our stronger-than-expected third-quarter results indicate a continued improvement for the fourth consecutive quarter and reflect the underlying strength of our core markets. Current demand exceeds supply, and we expect this trend to continue until 2026."

Billion-Dollar Investments

Under the agreement made with the U.S. government in August, Intel received $8.9 billion in investment. Additionally, the Japan-based SoftBank Group signed a contract envisioning a $2 billion investment in the company. Last month, Nvidia announced its collaboration with Intel to develop specialized data centers and personal computer products.