Intel Jumps on Surprise Profit as Gelsinger Sees ‘Turning Point’
- CEO adds a note of caution: ‘We still have a long way to go’
- PC slump is over, he says, and company’s comeback is underway
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Intel Corp. jumped after the beleaguered chipmaking pioneer declared an end to the personal computer slump and said the second half of 2023 will show that its long-awaited comeback is underway.
The outlook suggests Intel has turned a corner after sluggish demand for PC chips battered its business. Chief Executive Officer Pat Gelsinger said inventory of those components is now back to normal levels, prompting customers to resume orders. He expects a sustained recovery in year’s final six months for that side of the business.