Intel Corporation on Thursday reported a year-on-year 8 percent drop in revenue for the third quarter of 2023, with overall sales hitting 14.2 billion U.S. dollars.

According to its financial report, Intel's net income decreased by 71 percent to 300 million dollars in the third quarter, compared with 1.0 billion dollars a year ago.

The top U.S. chipmaker's third-quarter earnings per share (EPS) was 0.07 dollars. The non-GAAP (Generally Accepted Accounting Principles) EPS attributable to Intel was 0.41 dollars.

Its third-quarter revenue exceeded the high end of guidance and EPS benefited from strong operating leverage and expense discipline. The company achieved key milestones across process and product, foundry and artificial intelligence (AI), Intel said.

In its fourth-quarter guidance, Intel expects revenue of 14.6 billion to 15.6 billion dollars, EPS attributable to Intel of 0.23 dollars, and non-GAAP EPS attributable to Intel of 0.44 dollars.

The company's board of directors also declared a quarterly dividend of 0.125 dollars per share on the company's common stock, which will be payable on Dec. 1, 2023, to shareholders of record as of Nov. 7, 2023.

"We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps, agreements with new foundry customers, and momentum as we bring AI everywhere," said Intel CEO Pat Gelsinger. "We continue to make meaningful progress on our IDM 2.0 transformation by relentlessly advancing our strategy, rebuilding our execution engine and delivering on our commitments to our customers."

"Our results exceeded expectations for the third consecutive quarter, with revenue above the high end of our guidance and EPS benefiting from strong operating leverage and expense discipline," said Intel CFO David Zinsner.