Intel stock pops on earnings beat and return to growth

The company's revenue increased slightly from a year earlier.Justin Sullivan | Getty Images

stock jumped 8% in extended trading on Thursday after the chipmaker beat third-quarter earnings expectations and reignited revenue growth.Excluding certain items, $1.42 per share, vs. $1.24 per share as expected by analysts, according to Refinitiv.Revenue was up slightly on an annualized basis in the quarter that ended on Sept. 28, according to a statement.

The top business segment, the Client Computing Group, which sells processors for desktop PCs, laptops and two-in-one devices, produced $9.71 billion in revenue, beating the $9.59 billion average estimate among analysts polled by FactSet, although it was down 5% from the year-ago period. The company pointed to lower platform volume in the segment.

The next-largest business, the Data Center Group, which focuses on server chips, delivered $6.38 billion in revenue, above the $5.62 billion FactSet consensus estimate. Intel said the cloud portion of the segment returned to growth. The Internet of Things Group, which makes computing products for industries and embedded systems, had $1.23 billion in revenue. Analysts polled by FactSet had expected $1.12 billion in revenue from that segment.

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