Chipmaker Intel (INTC.O) on Thursday posted a surprise quarterly profit as a PC market slump started to ease, and forecast third-quarter earnings above Wall Street expectations, sending its shares up about 6%.
The market for personal computers has tumbled over the past year, with inventory piling up because consumers had already bought machines needed during the pandemic.
But the glut has started to ease, with PC shipments falling only 11.5% in the June quarter compared to a 30% slump in each of the previous two quarters, Canalys data showed.
The PC market improvement prompted Intel to forecast better margins for the third quarter. Its margins in recent quarters were nearly half its historical highs, but Intel said on Thursday it expects profit margins to improve in the second half of the year.
