Despite heavy manufacturing investments impacting the company's gross margin, Intel's CEO, Pat Gelsinger, revealed that the company has a fourth foundry customer for its advanced manufacturing process called "18A". However, the company's third-quarter report showed an 8% fall in revenue to $14.2 billion, with a 3% fall in the client segment to $7.9 billion and a 10% drop in its data center business to $3.8 billion.
Key takeaways:
- Intel has forecasted its fourth-quarter revenue above Wall Street estimates, expecting a healthy rebound in client orders for its chips as the PC market inventory buildup eases.
- The company's shares rose by approximately 6% after the closing bell, following the announcement.
- Intel's CEO, Pat Gelsinger, revealed that the company has a fourth foundry customer for its advanced manufacturing process called "18A", which it expects to close in the fourth quarter.
- Despite heavy manufacturing investments impacting the company's gross margin, Intel reported adjusted profits of 41 cents per share in the third quarter, and a revenue of $14.2 billion.