Intel's third quarter financial report was better than expected.
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Intel rose 10.66% and Apple rose 7.56%, leading the Dow higher, due to outstanding results in the third quarter. The financial report showed that Intel's revenue in the third quarter was 15.338 billion US dollars, slightly lower than expected; Adjusted earnings per share were $59, much higher than expected. Because Intel's revenue in the third quarter and EPS per share after adjustment exceeded the previous expectations of Wall Street analysts, but the expectations for the fourth quarter and full year results failed to meet expectations. In addition, Intel also announced a cost reduction and efficiency improvement plan, which will cut costs by up to 10 billion dollars from now until 2025. The third quarter revenue is divided by departments.
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Intel gained 6% and Q3 performance exceeded expectations+announced cost reduction plan. Intel (INTC. US) rose 6.41% to $27.96, with a total market value of $115.4 billion. The results released by Intel after hours on Thursday showed that the revenue in the third quarter was 15.338 billion US dollars, down 20% year on year; Net profit was USD 1.019 billion. Due to the headwind of its main business, Intel announced a cost reduction plan, which is planned to reduce the cost by up to 10 billion dollars in 2025, and layoffs will be inevitable. The film giant Intel announced its third quarter financial report, and lowered its full year profit and revenue estimates.
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On Thursday local time, Intel said in its financial report for the third quarter of 2022 that the company's goal is to achieve cost reduction of $3 billion in 2023 , and to increase the annual cost reduction and efficiency gain to $8 billion to $10 billion by the end of 2025.
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Intel entered a dormant period. At the same time, by department, the net revenue of Intel's customer computing business in the third quarter (including chip business revenue) was 8.124 billion dollars, down 17% year on year; Operating profit was $1.655 billion, compared with $3.592 billion in the same period last year.
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The data center and artificial intelligence business reached US $4.209 billion, down 27% from the same period in 2021. Network and edge computing services reached US $2.266 billion, an increase of 14% over the same period in 2021. Accelerated computing system and graphics business of $185 million, an increase of 8% over the same period in 2021 . Mobileye was US $450 million, an increase of 38% over the same period in 2021. Intel Foundry Services was $171 million, a decrease of 2% over the same period in 2021. Other businesses reached US $67 million, down from the same period in 2021.
