Intel Corporation (NASDAQ:INTC) shares rose more than 8% since the company’s reported Q3 results on Thursday, with EPS of $0.59 coming in better than the Street estimate of $0.34. Revenue was $15.3 billion, compared to the Street estimate of $15.43 billion.

For Q4/2022, the company expects EPS of $0.20, compared to the Street estimate of $0.60, and revenue of $14-15 billion, compared to the Street estimate of $16.3 billion.

CEO Pat Geisinger launched the next phase of IDM 2.0 with the “internal foundry model.” This decouples design and manufacturing, enabling better transparency and structural efficiencies.

Management also detailed aggressive cost cuts, $3 billion in 2023, expanding to $8-$10 billion by 2025.