(Bloomberg) — Intel Corp. shares surged after the chipmaker declared an end to the personal computer slump and said the second half of the year will show that its long-awaited comeback is underway.
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The beleaguered chip pioneer reported a surprising profit in the second quarter and gave a bullish sales forecast for the current period that topped analysts’ estimates, sending shares up about 8% in extended trading.
The outlook suggests Intel has turned a corner after sluggish demand for personal computer chips battered its business. Chief Executive Officer Pat Gelsinger said that inventory of PC components is now back to normal levels, prompting customers to resume orders. He expects a sustained recovery in the second half of the year for that side of his company.
The server part of Intel’s operations isn’t recovering as quickly as hoped, Gelsinger said. Sluggishness in China and weaker-than-expected demand at some cloud and corporate customers are weighing…
2023-07-27 18:33:35
Source from finance.yahoo.com
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