Ankara: Intel shares rose as much as 7% Thursday after the US chipmaker posted third-quarter earnings and revenue exceeding market expectations. The company released its financial results for the July-September period, reporting revenue of $13.7 billion, up 3% from $13.3 billion in the same period last year. Intel, which reported a net loss of around $16.6 billion in the third quarter of last year, recorded a net profit of $4.1 billion during the same period of this year. Earnings per share came in at $0.90 compared to a loss of $3.88 per share a year earlier.

According to Anadolu Agency, the company's CEO, Lip-Bu Tan, stated, "Our Q3 results reflect improved execution and steady progress against our strategic priorities." Tan also highlighted the increasing demand for computing power driven by AI and the opportunities it creates across Intel's portfolio, including core x86 platforms, new efforts in purpose-built ASICs and accelerators, and foundry services. He emphasized that Intel's "industry-leading CPUs and ecosystem, along with our unique US-based leading-edge logic manufacturing and RandD, position us well to capitalize on these trends over time."

In a notable development in August, following a call from US President Donald Trump for Tan's resignation over alleged ties to Chinese companies, the US government reached a rare agreement to purchase a 10% stake in Intel for $8.9 billion.