Top 5 Gainers on Friday

4. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 65

Shares of Intel Corporation (NASDAQ:INTC) turned green in pre-market trading Friday after the chip giant announced better-than-expected Q3 results and laid out an aggressive cost-cutting strategy for the coming years.

Intel Corporation (NASDAQ:INTC) reported adjusted earnings of 59 cents per share, easily topping estimates of 32 cents. Revenue for the quarter came in at $15.34 billion, ahead of the consensus of $15.25 billion.

Moving forward, Intel Corporation (NASDAQ:INTC) intends to reduce its costs by $3 billion in 2023. Moreover, it plans to achieve $8 – $10 billion in annual savings by the end of 2025.

On the downside, Intel Corporation (NASDAQ:INTC) trimmed its full-year adjusted earnings outlook to $1.95 per share, down from its previous forecast of $2.30 per share. Analysts had projected earnings of $2.15 per share for the same period.

Speaking on the results, CEO Pat Gelsinger said in a statement:

“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter. To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.”