Intel forecast fourth-quarter revenue above Wall Street estimates on Thursday, optimistic of a healthy rebound in client orders for its chips after a several-quarters-long inventory buildup in the PC market eased.
Shares of the Santa Clara, California-based company rose 5 per cent in trading after the closing bell.
Taiwan Semiconductor Manufacturing, the world’s largest contract chipmaker, said earlier this month end-user demand for PCs and smartphones had started showing signs of stabilization, adding that inventory controls were “more healthy than we thought”.
The decline in global PC shipments narrowed to 7 per cent in the third quarter after seeing double-digit percentage dips earlier this year, and the market is set to return to growth during the highly anticipated holiday season, analysts at research firm Canalys said.
The company forecast adjusted current-quarter revenue in the range of about $14.6 billion to $15.6 billion, compared with an estimate of $14.35 billion, according to LSEG data.
The company expects adjusted profit per share to be about 44 cents, beating an estimate of 32 cents.
