Intel shares surge 6% after 1st profit in 3 quarters

Intel shares surge 6% after 1st profit in 3 quarters

Chipmaker 'well-positioned' to capitalize on significant growth across artificial intelligence, CEO says

By Ovunc Kutlu

ISTANBUL (AA) - US-based global chipmaker saw its shares surge more than 6% on Friday, a day after the tech company posted its first profit in three quarters.

Intel shares were trading at $36.78 per share at 11.40 a.m. EDT for a daily gain of almost 6.5% after they closed the previous day at $34.55 a share.

They climbed to as high as $36.98 a share during the day on the Nasdaq for an increase of 7%.

Intel posted a net income of $1.5 billion in the second quarter of this year, which was a significant recovery from the $0.5 billion loss reported in the same period of last year, according to its financial results statement released late Thursday after market close.

This also marked the first quarterly income for the chipmaker after two consecutive quarters of losses.

Intel CEO Pat Gelsinger said in a statement that the company is "well-positioned to capitalize on the significant growth across the AI continuum by championing an open ecosystem and silicon solutions that optimize performance, cost and security to democratize AI from cloud to enterprise, edge and client."

CFO David Zinsner said Intel had $3 billion in cost savings this year, which contributed to the positive financial results seen in the second quarter.

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