Intel Beats Q3 Earnings Estimates
Intel (US.INL) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 73.53%. A quarter ago, it was expected that this world's largest chipmaker would post earnings of $0.69 per share when it actually produced earnings of $0.29, delivering a surprise of -57.97%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times. Intel , which belongs to the Zacks Semiconductor - General industry, posted revenues of $15.34 billion for the quarter ended September 2022, missing the Zacks Consensus Estimate by 0.99%. This compares to year-ago revenues of $19.19 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Intel shares have lost about 47.2% since the beginning of the year versus the S&P 500's decline of -19.6%.