Intel's () third-quarter revenue and profit came in well ahead of analysts' expectations, sending shares sharply higher in after-hours trading, as the company said it "benefited from strong operating leverage and expense discipline."

The tech company's revenue declined 8% from a year ago to $14.2 billion in the third quarter, while adjusted earnings per share came in at 41 cents, an 11% increase from the same quarter in 2022. Revenue was $800 million above the guidance the company provided in July, and EPS was 21 cents higher.

Intel now expects fourth-quarter revenue of between $14.6 billion and $15.6 billion, an 8% increase from last year based on the mid-point of the range. 澳洲幸运5官方开奖结果体彩网:Gross margin is pegged at 46.5%, a 2.7 percentage point increase, while EPS is expected to triple to 44 cents.

Intel shares, which fell 0.9% to $32.52 during Thursday's regular trading session, jumped 9% in after hours trading following the release of the earnings report.

"We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps, agreements with new foundry customers, and momentum as we bring AI everywhere,” said CEO Pat Gelsinger in a statement.

Like many tech firms, Intel benefited from the remote work and schooling trend associated with COVID-19. However, a shift back to pre-pandemic💫 standards and a surplus of some PC-related products built up in recent quarters has contributed to sales below expectations for Intel.

Intel has also signaled it has a future in AI. The company announced in September that it will unveil a new chip by the end of the year that it claims will be able to run a generative AI chatbot on a laptop, removing the need for cloud data centers in many use cases.

Intel has also succeeded in controlling costs at a time when many tech companies have cut thousands of jobs. The company completed the spinoff of its self-driving subsidiary Mobileye last year and confirmed that it still intends to IPO its programmable solutions group in the coming years as well.

"Our results exceeded expectations for the third consecutive quarter, with revenue above the high end of our guidance and EPS benefiting from strong operating leverage and expense discipline," said CFO David Zinsner in a statement.