Intel Corp. INTC According to Benzinga Pro, shares were up a significant 6% in premarket trading on Friday. This increase followed the announcement of third-quarter results that exceeded Wall Street expectations.

Intel closed at $21.52 on Thursday. The company reported a per-share loss of 46 cents, versus forecast loss of two cents. Quarterly revenue reached $13.28 billion, beating the consensus estimate of $13.02 billion.

Pat GelsingerCEO of Intel, highlighted the company's progress in cost reductions and efficiencies, stating: “Our third quarter results underscore the solid progress we are making against the plan we laid out last quarter.”

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Gelsinger also mentioned that Intel has successfully reduced its customers' inventory levels, meeting their expectations. Despite continued inventory reductions, the Client Computing Group (CCG) is expected to grow towards the upper end of seasonal norms. Fourth-quarter revenue is forecast between $13.3 billion and $14.3 billion, with a median expectation of $13.8 billion.

Intel expects fourth-quarter gross margins of approximately 39.5% and earnings per share of $0.12 on a non-GAAP basis. The Company also expects to incur additional restructuring charges as it continues to implement its cost savings strategies.

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This story was created with Benzinga Neuro and edited by Pooja Rajkumari