Intel Corp (NASDAQ:INTC, ETR:INL) shares were up 3.7% in pre-market trading after revenue fell by less than expected in the fourth quarter.
Revenue dropped by 7% year on year to US$14.26 billion, though was above the US$13.81 billion expected by LSEG-polled analysts.
A US$126 million loss was also recorded, against net income of US$2.67 billion a year ago, with adjusted per-share earnings of US$0.13 nudging past the US$0.12 expected.
Figures marked the first since Pat Gelsinger’s departure as chief executive, whose tenure had seen Intel lag behind competitors in the artificial intelligence race.
Intel noted it continued to lead the AI PC category, despite a wider decline in client computing group sales, as data center and foundry revenue also fell.
“The fourth quarter was a positive step forward,” interim co-chief executive Michelle Johnston Holthaus said.
“Our renewed focus on strengthening and simplifying our product portfolio, combined with continued progress on our process roadmap, is positioning us to better serve the needs of our customers.”
Guidance was laid out for breakeven profit in the first quarter and revenue of US$11.7 billion to US$12.7 billion.
Shares were trading hands at US$20.75 ahead of Friday’s open.