Intel’s partial rebound in the latest quarter from an inventory-driven drop in PC chip demand has given Wall Street a rare moment of financial outperformance to celebrate as the struggling US chipmaker seeks to stabilise its business and complete a four-year turnaround plan.
The company’s shares rose more than 7 per cent in after-market trading on Thursday after the earnings report, taking their total gain this year to 36 per cent. Intel’s sales of PC chips fell 12 per cent in the second quarter, to $6.8bn, but that was better than the 21 per cent decline analysts had been expecting and marked a big improvement from the 38 per cent collapse of the first quarter.
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