Yahoo Finance Live anchor Seana Smith breaks down the third-quarter earnings figures reported by Intel.

Video Transcript

SEANA SMITH: All right. I want to turn to Intel. Intel is out with its earnings report. And taking a look at how shares are trading, look at that, a bit of good news here in the tech sector, up just around 2%. Taking a look at some of these numbers, third quarter revenue of $15.3 billion. That was basically in line with what the Street was looking for. EPS a big beat there, $0.59. The estimate was for $0.33. Fourth quarter revenue and-- profit and revenue guidance coming in just a bit light there. Full year adjusted revenue also missing the Street's expectations.

Intel, though, highlighting cost cutting measures, what they're planning to do in 2023. Maybe that has the Street a little bit excited there. They're looking to cut $3 billion in costs next year, saying that they are aggressively addressing some of those issues, some of those cost issues. So, again revenue basically in line, a big beat on EPS. We're seeing the stock up just around 2% here in afterhours.