Why Is Intel (INTC) Stock Up 10% Today?
Intel (NASDAQ:INTC) stock is climbing higher on Friday thanks to results from its third-quarter 2022 earnings report.
The good news for INTC stock starts with its adjusted earnings per share of 59 cents. That smashed Wall Street’s adjusted EPS estimate of 32 cents for the quarter. Even if it’s a 59% drop from the $1.45 reported in the same period of the year prior.
In addition to that, the company’s revenue came in at $15.34 billion. That’s another boon to INTC stock as analysts were expecting it to report revenue of $15.31 billion. However, it is still a 20% drop from the $19.2 billion reported in the third quarter of 2021.
CEO Comments on the Results
Pat Gelsinger, CEO of Intel, had the following to say about the positive results for Q3.
“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter. To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.”
The positive earnings report brings heavy trading to INTC stock today. As of this writing, some 57 million shares of the stock have been traded. For the record, the company’s daily average trading volume is around 42.9 million shares.
INTC stock is up 9.8% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.