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Intel beats on Q3 earnings, revenue

Here’s what the numbers look like.

10/23/25 3:08PM

Intel, the struggling American computer chip giant that was partially nationalized by the US government in August, reported Q3 sales and profit numbers after the close of trading on Wednesday.

Intel Q3 revenue came in at $13.7 billion vs. the $13.17 billion FactSet consensus expectation.
Adjusted earnings per share were $0.23 vs. the $0.02 consensus estimate from FactSet.
Intel gave Q4 2025 sales guidance of between $12.8 billion and $13.8 billion ($13.3 midpoint) vs. a consensus expectation of $13.42 billion.

Shares jumped after-hours, rising 5.9% in trading after the numbers were released — and have since built on those gains. In early trading on Friday, shares were up over 8% as of 6am ET.

The earnings report could add to market momentum since the US took a 10% stake in the company in August. That announcement was soon followed by an unusual announcement from chip giant Nvidia that it would invest $5 billion in Intel and partner with the company.

“We took meaningful steps this quarter to strengthen our balance sheet, including accelerated funding from the U.S. government, and investments by Nvidia and SoftBank Group that increase our operational flexibility and demonstrate the critical role we play in the ecosystem,” David Zinsner, Intel’s CFO, said in a prepared statement.

The stock, which had been largely flat for the year through the end of July, was up roughly 90% between July 31 and the end of trading on Thursday, in part, some argue, because of the market impact of the US government and Nvidia taking stakes in the company rather than rosy prospects for the company.

“The real bull case for now seems to be ‘Trump wants the stock to go up’ which we are hesitant to argue with despite our view that fundamentals would support a more negative view,” wrote Stacy A. Rasgon, who covers Intel for Bernstein Research. Rasgon rates Intel as “market perform” — essentially “hold” — with a price target of $21, which is about 45% below the market price on Thursday.

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>20%

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The buy-the-dip bid from retail traders has been a massive market theme throughout 2025, and analysts at Jefferies have tried to quantify just how big of a footprint individual traders now have in US markets.

In a note published Tuesday, they wrote (emphasis added):

“Retail investors have become an increasingly relevant component of the US trading ecosystem, representing >20% of volume — and even higher among names <$5. Growth in accounts, assets, and activity is reflected in the growth of Robinhood, Interactive Brokers, Charles Schwab, etc. A burgeoning product suite, expanded trading hours, and increased investor education support continued growth. Retail interest is here to stay; institutional investors should adjust their strategies accordingly.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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JPMorgan said Marvell’s management told them their Microsoft and Amazon custom chip business is on track, contradicting other reports

The latest release from the Marvell Chipematic Universe is out:

JPMorgan analyst Harlan Sur hosted a meeting with Marvell Technology President and COO Chris Koopmans and Senior VP of Investor Relations Ashish Saran on Monday amid reports that the chip company was poised to lose business from its two biggest hyperscaler custom chip clients: Amazon and Microsoft.

Benchmark downgraded the company on Monday, citing a loss of Trainium3 and 4 business, while The Information said on Friday the latter was planning on shifting its business to Broadcom. Shares tumbled 7% on Monday, erasing all of its post-earnings bounce, and are down again on Tuesday.

The message communicated to Sur from Marvell is, in short, one of Vince Vaughn’s quotable lines in “Wedding Crashers”: “Erroneous! Erroneous on both counts!”

“At our meeting yesterday, the Marvell team reiterated securing purchase orders for all of CY26 for the next-gen Trainium 3 XPU ASIC program at AWS and that the Microsoft 3 nanometer Maia AI XPU ASIC program remains on track to ramp back-half of calendar year 2026 and into calendar year 2027,” Sur wrote in a note to clients on Tuesday. “Moreover, the team reiterated that they are already working on next-gen 2 nanometer XPU programs for both customers.”

The analyst maintained a $92 price target and “overweight” rating on the shares.

Sur added that Marvell’s management “remains perplexed/frustrated at all of the ‘noise’ in the market.”

This whole thing is starting to have the feel of a three- to four-episode subplot arc from HBO’s “Billions.”

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Intel beats on Q3 earnings, revenue

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