NEW YORK – Once a towering figure in America’s tech landscape, Intel is showing signs of a resurgence as it works to reclaim its position in the industry. The company recently announced a profitable quarter, marking a significant turnaround from previous struggles.

In the three months ending in September, Intel recorded a net income of $4.1 billion, translating to 90 cents per share. This is a remarkable improvement compared to the same period last year, where the company faced a staggering loss of $17 billion, or $3.88 per share. When accounting for certain one-time items, Intel’s earnings amounted to a profit of 8 cents per share.

The company’s revenue saw a modest increase, rising by 3% from the previous year to reach $13.7 billion. This uptick signals a positive shift as Intel navigates through its competitive landscape.

In an unexpected move that raised eyebrows, the U.S. government became a 10% stakeholder in Intel in August. This decision was notable given the Republican administration’s historical stance against governmental intervention in the corporate sector, challenging the traditional belief that the government should not influence the market by choosing corporate winners and losers.

Following this financial disclosure, Intel’s shares surged nearly 8% in after-hours trading, reaching $41.10 each. This boost reflects investor optimism and confidence in the company’s ongoing efforts to regain its foothold in the tech industry.

Recently installed CEO Lip-Bu Tan has been cutting thousand of positions and mothballing projects to cut costs.