Intel revenue down 6% in 3rd quarter

Chipmaker raises 4th quarter estimated revenue of $13.3B to $14.3B

By Ovunc Kutlu

ISTANBUL (AA) - American chipmaker Intel saw its revenue decline by 6% in the third quarter, according to its financial results statement released Thursday.

Revenue was down 6.3% to $13.3 billion from $14.2 billion in the same period of last year

The company, meanwhile, raised its fourth quarter estimated revenue of $13.3 billion to $14.3 billion.

"We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward," said CEO Pat Gelsinger.

"Restructuring charges meaningfully impacted Q3 profitability as we took important steps toward our cost reduction goal,” said CFO David Zinsner.

Intel posted a net loss of $16.6 billion for the third quarter, significantly down from $0.3 billion in the same quarter of last year.

Kaynak: