Intel Shares rose 15% in extended trading Thursday after the chipmaker reported better-than-expected earnings and issued quarterly guidance that beat expectations.

Here’s how the company did compared to the LSEG consensus:

• Earnings per share: Corrected loss of 46 cents
• Gain: $13.28 billion versus $13.02 billion expected

Intel’s revenue fell 6% year-over-year in the quarter ended September 28, according to a statement. The company posted a net loss of $16.99 billion, or $3.88 per share, compared with net income of $310 million, or 7 cents per share, in the same quarter a year ago.

As part of its cost-cutting plan, Intel booked $2.8 billion in restructuring charges during the quarter. There was also $15.9 billion in impairment charges.

Intel has been mired in a prolonged slump due to market share losses in its core businesses and an inability to crack artificial intelligence. CEO Pat Gelsinger unveiled plans during the quarter to convert the company’s foundry operations into an independent subsidiary, a move that would allow for external financing options.

CNBC reported that Intel had hired advisers to defend itself against activist investors. The news surfaced at the end of September Qualcomm contacted Intel about a possible acquisition.

The Client Computing Group, which sells PC chips, posted revenue of $7.33 billion, down about 7% from a year earlier and below the $7.39 billion consensus among analysts polled by StreetAccount.

Data center and AI segment revenue was $3.35 billion, up about 9% and ahead of StreetAccount’s $3.17 billion consensus.

Intel called for fiscal third-quarter adjusted earnings of 12 cents per share and revenue in the range of $13.3 billion to $14.3 billion. Analysts had expected adjusted earnings per share of 8 cents and revenue of $13.66 billion.

During the quarter, Intel announced the launch of Xeon 6 server processors and Gaudi accelerators for artificial intelligence.

As of Thursday’s close, Intel shares were down about 57% for 2024, while the S&P 500 index was up 20%.

Executives will discuss the results with analysts on a conference call beginning at 5:00 PM ET.

This is the latest news. Check back later for updates.

WATCH: Qualcomm buying Intel would be a “terrible decision,” says Harvest’s Paul Meeks