The Intel logo is displayed on a sign in front of Intel headquarters on July 16, 2025 in Santa Clara, California.
Intel reported second-quarter results on Thursday that beat Wall Street expectations on revenue, as the company's new CEO Lip-Bu Tan announced significant cuts in chip factory construction. The stock ticked higher in extended trading.
Here's how the chipmaker did versus LSEG consensus estimates:
Earnings per share : Loss of 10 cents per share, adjusted.
: Loss of 10 cents per share, adjusted. Revenue: $12.86 billion versus $11.92 billion estimated
Intel said it expects revenue for the third-quarter of $13.1 billion at the midpoint of its range, versus the average analyst estimate of $12.65 billion. The chipmaker said that it expects to break even on earnings while analysts were looking for earnings of 4 cents per share.
For the second quarter, Intel reported a net loss of $2.9 billion, or 67 cents per share, compared with a $1.61 billion net loss, or 38 cents per share, in the year-earlier period. Earnings per share were not comparable to analyst estimates due to an $800 million impairment charge, "related to excess tools with no identified re-use," the company said. That resulted in an EPS adjustment of about 20 cents.
The report was Intel's second since Lip-Bu Tan took over as CEO in March, promising to make the chipmaker's products competitive again, and to reduce bureaucracy and layers of management, including slashing staff in Oregon and California.
In a memo to employees published on Thursday, Tan said that the first few months of his tenure had "not been easy." He said that the company had "completed the majority" of its planned layoffs, amounting to 15% of the workforce, and that it plans to end the year with 75,000 employees. Intel previously said it was trying to reduce operating expenses by $17 billion in 2025.
Intel shares are up about 13% this year as of Thursday's close after plummeting 60% in 2024, their worst year on record.
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