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intel Earned lump sum profit in latest quarter America The technology icon is struggling to regain market share.
Intel reported net income of $4.1 billion, or 90 cents a share, in the three months to September, widening from a loss of $17 billion, or $3.88 cents a share, a year earlier. Excluding some one-time items, the company earned profit of 8 cents per share.
Revenue was $13.7 billion, up 3% from a year earlier.
In a surprise move the US became a 10% owner of the company in August. republican The President rejected that party’s long-held belief that governments should not try to pick corporate winners and losers.
Intel rose nearly 8% to $41.10 a share in after-hours trading.
Recently installed CEO Lip-Boo Tan is cutting thousands of positions and scaling back projects to cut costs.