Intel Returns to Profit as Turnaround Accelerates

Intel reported a surprise Q3 profit — adjusted EPS $0.23 on roughly $13.6–13.7 billion in revenue — its first profitable quarter in nearly two years, beating analysts’ estimates. Shares rose about 5–6% after hours as investor sentiment improved. The results were supported by multibillion‑dollar investments and government support, including a roughly $8.9 billion U.S. government stake and major investments from Nvidia (about $5 billion) and SoftBank. CEO Lip‑Bu Tan’s turnaround plan — including deep cost cuts, a workforce reduction of over 20% and the sale of a 51% stake in Altera — helped margins and cash, though Intel’s foundry business remains unprofitable while product revenue is only slowly improving. For the current quarter Intel guided to about $0.08 adjusted EPS and roughly $12.8–13.8 billion in revenue (midpoint slightly below consensus), underscoring that the recovery is underway but still uneven as the company pursues AI and manufacturing opportunities.