Despite that drop, the company did better than expected. Wall Street had forecast it would lose 3 cents a share on an adjusted basis on sales of $12.1 billion, according to Yahoo Finance.
“Our overall position is strengthening,” CEO Pat Gelsinger told analysts, adding later, “simply put, it was a very good quarter.”
Still, he and Chief Financial Officer Dave Zinsner noted that the selling environment was improving only slowly, particularly for server chips.
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