Intel Shares Soar as CEO Says Chipmaker Is ‘Clearly Coming Back’
- Company expects return to sales growth in current quarter
- PC market recovery has helped fuel improving results
Intel headquarters in Santa Clara, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Intel Corp. surged the most in nearly three years after predicting a return to sales growth in the fourth quarter, fueled by an improving personal computer market and a more competitive product line.
The forecast — delivered Thursday as part of Intel’s quarterly earnings report — far exceeded Wall Street estimates and was the company’s third in a row to spark a stock rally. Chief Executive Officer Pat Gelsinger said a long-promised turnaround is now fully underway.