Intel's profit for the quarter was US$1.5 billion, and chief executive Pat Gelsinger appeared to be happy with the outcome.
“Our 2Q results exceeded the high end of our guidance as we continue to execute on our strategic priorities, including building momentum with our foundry business and delivering on our product and process roadmaps," he said on Thursday.
"We are also well-positioned to capitalise on the significant growth across the AI continuum by championing an open ecosystem and silicon solutions that optimise performance, cost and security to democratise AI from cloud to enterprise, edge and client.”
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During the second quarter of 2023, PC shipments fell by 11.5% year-on-year to 62.1 million units, following decreases of more than 30% in each of the previous two quarters.
Intel chief financial officer David Zinsner said: “Strong execution, including progress towards our US$3 billion in cost savings in 2023, contributed to the upside in the quarter.
"We remain focused on operational efficiencies and our Smart Capital strategy to support sustainable growth and financial discipline as we improve our margins and cash generation and drive shareholder value.”
For the third quarter, the company forecast revenue of between US$12.9 billion and US$13.9 billion.
Under Gelsinger, who took over after Bob Swan was shown the door in 2020 — mainly due to a failure to introduce 7nm CPUs on time — the company has launched a transformation plan and is looking to build two semiconductor factories in Germany at a cost of US$33 billion.
Intel is still well behind the likes of Nvidia, which has a range of GPUs that can be used for AI. It is also yet to announce any plans to begin manufacturing processors with a gate width of 3nm, something in which companies like Taiwan Semiconductor Manufacturing Company, the world's biggest chip production firm, are now involved.
