Intel forecasts current-quarter revenue above estimates

Chipmaker Intel Corp forecast fourth-quarter revenue above Wall Street expectations on Thursday, betting on hybrid work demand by leveraging its in-house production capacity to weather supply chain challenges.

Hyrbid work models are likely to keep enterprise demand for personal computers and data centers high, benefiting Intel, the biggest maker of central processor chips for both PCs and servers used in data centers.

To catch up to its rivals with faster chips, the company has been working to fix its manufacturing problems and also outsourcing some chips. It is simultaneously opening up its own factories to outsiders in a "foundry" business model like the world's largest contract-chip maker Taiwan Semiconductor Manufacturing Co.

Intel also said on Thursday Chief Financial Officer George Davis announced plans to retire in May 2022.

The company expects fourth-quarter revenue of about $18.3 billion, compared with analysts' average estimate of $18.25 billion, according to IBES data from Refinitiv.

Adjusted sales for the third quarter stood at $18.1 billion, missing estimates of $18.24 billion.

Shares of Intel, one of the world's largest chipmakers, fell 4% in extending trading.