Intel (NASDAQ: INTC) stock jumped in Friday's trading following the publication of the company's third-quarter report. The semiconductor specialist's share price closed out the daily session up 7.8% and had been up as much as 9.6% earlier in the day's trading.

After the market closed yesterday, Intel published its Q3 results. The company's earnings for the period came in better than Wall Street's expectations after accounting for one-time impairment charges, and its revenue for the period also beat the average analyst forecast. The chip giant also issued better-than-anticipated forward guidance.

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With restructuring charges accounted for, Intel's Q3 profit was much better than expected

Intel posted a non-GAAP (adjusted) loss per share of $0.46 on revenue of $13.28 billion in Q3, but the company took $0.63 per share in adjusted impairment charges in the quarter. Meanwhile, the average analyst estimate had called for an adjusted loss of $0.02 per share on sales of $13.02 billion.

After factoring out the impairment charge, Intel posted adjusted earnings per share of $0.17 in the quarter. These charges were bound to hit at some point, and investors were happy to see profits come in better than anticipated after making relevant adjustments for one-time charges. The company's cost-cutting initiatives had a major beneficial effect on the adjusted bottom line last quarter, and sales for the period also came in significantly better than Wall Street had anticipated.

Intel posts better-than-expected guidance and doesn't plan to split its businesses

For the fourth quarter, Intel is guiding for sales to come in between $13.3 billion and $14.3 billion. Meanwhile, the average Wall Street target had called for sales of $13.66 billion in the period. Management also said that it was expecting an adjusted gross margin of 39.5% and adjusted earnings per share of $0.12. The company's earnings forecast came in far ahead of the average Wall Street target, which had called for adjusted earnings per share of $0.08.

In an interview with Bloomberg, Intel CEO Pat Gelsinger also said that he planned to keep the company together as a single unit rather than splitting its chip design and fabrication businesses into separate entities. Intel still has to show that it can improve its competitive positioning in the chip design space and build its third-party fabrication business into a reliable profit generator.