Intel forecasts third-quarter profit above estimates

"It is still very clear that Intel is absolutely losing share around server CPUs, and I think it is fair to say that they are fighting for relevance in AI," said Jenny Hardy, portfolio manager at GP Bullhound.

Intel forecast adjusted current-quarter earnings per share of 20 cents. Analysts polled by Refinitiv were expecting 16 cents. Intel forecast adjusted current-quarter revenue of about $12.9 billion to $13.9 billion, compared to estimates of $13.23 billion. The midpoint of $13.4 billion exceeded estimates but still implies a 12.6% drop over the year in Intel's business.

Intel said it expects profit margins to improve in the second half. Its adjusted margins have declined to the lowest since early 2021 when it embarked on a multi-year transition into a contract chipmaker.Intel shares have risen about 30% so far this year, compared to a 50% rise on the Philadelphia SE Semiconductor indexReporting by Chavi Mehta in Bengaluru; Editing by Arun Koyyur and Richard ChangChavi reports on U.S. technology companies, including semiconductor firms.

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