(San Francisco) Intel reassured investors Thursday with revenues of $14.2 billion for the third quarter, while the American electronic chip giant fell behind in the race for components dedicated to artificial intelligence.
This turnover fell 8% year-on-year, but was higher than Wall Street’s expectations.
Intel shares gained more than 7% during electronic trading after the close of the New York Stock Exchange.
“We had an exceptional quarter,” said Pat Gelsinger, the boss of the Californian group, during a conference call. “We exceeded forecasts for the third quarter in a row.”
He immediately made it known that the Intel factory located in Israel was still open, despite the ongoing conflict between Israel and Hamas.
“Given the importance of our presence in Israel, which has lasted for almost 50 years, we are deeply saddened by the recent attacks and their impact on the region. Our top priority is the safety and well-being of our staff in Israel and their families,” he said.
“I would also like to salute the resilience of our teams, who have enabled our operations to continue to operate in our factory.”
Financial director David Zinsner praised the company’s budgetary discipline, which made it possible to generate a net profit -300 million dollars, compared to 1 billion during the same period last year.
After significant layoffs, the company has just over 120,000 employees, compared to 131,500 a year ago.
Very dependent on manufacturers of everyday electronic devices, Intel has embarked on a vast reorganization in 2021 under the leadership of Pat Gelsinger.
The CEO assured that this quarter “proves the significant progress made to transform” the company and execute its strategy “to bring artificial intelligence (AI) everywhere”.
The group from Santa Clara, in Silicon Valley, has some catching up to do in this area at the heart of all discussions among technology companies since OpenAI conquered the general public with its generative AI interface, ChatGPT.
Nvidia, an Intel competitor, is thus capitalizing on its specialty, ultra-sophisticated graphics processors essential for training language models, the technology that underlies software like ChatGPT.