Intel shares rise almost 7% as investors turn backs on chipmaker's weak outlook
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Intel (NASDAQ:INTC) shares rose as much as 7% in after-hours trading Thursday even though the semiconductor giant gave a revenue outlook that suggested sales are slowing down heading into the end of the year.
Intel (INTC) said that for its current, fiscal fourth quarter it expects to earn 20 cents a share, excluding one-time items, on revenue of between $14B and $15B. That outlook suggests that Intel's (INTC) sales could fall as much as 31% from the fourth quarter of 2021.
The company also lowered its full-year revenue estimate to a range of $63B to $64B, from an earlier forecast of $65B to $68B in sales. 
While its forecasts left something to be desired, Intel (INTC) reported third-quarter earnings that surpassed Wall Street's expectations.
Intel (INTC) said that it earned 59 cents a share, excluding one-time items, on revenue of $15.3B for the quarter ending September 30. Analysts had earlier forecast that Intel (INTC) would earn 33 cents a share on $15.3B in revenue. During the year-ago period, Intel (INTC) earned $1.45 a share on revenue of $18.1B.
It was a rough quarter for Intel (INTC), as sales in its main business areas declined from a year ago. For its main business areas, Intel's (INTC) client computing group, which includes sales of chips and technology for consumers and businesses, turned in revenue of $8.1B, down 17% from the third quarter in 2021, and data center sales of $4.2B, which fell 27%.
Chief Executive Pat Gelsinger said in a statement that "despite worsening economic conditions," Intel (INTC) "made significant progress with our product and process execution" during the quarter.
On Wednesday, Intel's (INTC) self-driving technology company, Mobileye (MBLY) made its public debut with an IPO that raised approximately $861M.