Intel Corp. (INTC), a company that designs, manufactures, and sells essential technologies for the cloud, smart, and connected devices for retail, industrial, and consumer uses, has surged 8.32% in aftermarket trading session. Consequently, INTC stock is trading at $55.23 at the time of the writing. On Monday, INTC closed the day at $50.99 after gaining an increase of 3.53% during regular trading hours. The consistent increase could be attributed to the speculations that the company intends to list shares of its Mobileye self-driving car business.
Why INTC Stock Surging?
On Monday, shares of INTC started leaping forward after speculations arose that Intel plans to list the shares of its Mobileye self-driving car business. It could do so to let the chipmaker capitalize on its investment in this rapidly growing industry. The company is expected to officially announce the move in the next one to two days. Mobileye was acquired by Intel in 2017 for $15 billion. The company is based in Israel and has tested its technologies in Robo-taxi fleets in Shanghai, Paris, Detroit, and Tokyo.
On 22nd October, INTC released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 25th September 2021. The company generated net revenue of $19.1 billion during the quarter against $18.3 billion for the same period of 2020. The total operating expenses bore by the company during the period were $5.5 billion against $4.6 billion for the same period of 2020. The net income generated by the company during the three months was $6.8 billion (or $1.68 and $1.67 per basic and diluted share) against $4.2 billion (or $1.02 per basic and diluted share) for the same period of 2020.
INTC also shed a light on the key business developments of the quarter. The company provided an update on the manufacturing and packaging of roadmaps at the Intel Accelerated Event in July 2021. It detailed its architectural innovation on Intel Architecture day 2021. That was done so to meet the increasing demand for computing performance of leadership products. In August, it was announced that Intel Foundry Services would lead the first phase of the US department of defence multi-phase Rapid Assured Microelectronics Prototypes.
Future Outlook for INTC
A closer look at statistics reveals that INTC stock has followed a stabilized trajectory during the last few months, i.e. it has neither plummeted nor skyrocketed. With the innovative strategies that the company is known for, the investors could soon see a rapid rise from INTC stock.