Intel's sales for the last three months were down 15% compared to this time last year, but CEO Pat Gelsinger doesn't seem to care. But CEO Pat Gelsinger doesn't seem to care. It's a surprisingly positive sentiment, even though on the surface it may seem like just bad news.

The reason for the positivity is that Intel is once again generating revenue after several quarters of poor performance in 2022. Last quarter, Intel lost $2.8 billion on $12 billion in revenue. This quarter, Intel made a profit of $1.5 billion from $13 billion in revenue.

Intel also gained $0.13 in market share over the past three months. This does not sound like much, however, but is now generally considered to be the beginning of a much needed recovery. Profit margins are up, and shareholders are enthusiastic about this.

"Strength at our clients and in our data centers, as well as efforts to drive efficiencies and cost reductions across the organization, all contributed to our profit growth and return to profitability this quarter," Gelsinger said.

Intel aims to reduce spending by $3 billion this year. As part of the measure, the company merged its long-defunct Graphics Group into the Client Computing Group, which is responsible for desktop and mobile CPUs. In fact, that group is down 12% year over year, while Intel's data center group is down 15%.

The only part of Intel that is more profitable than the year before is Intel Foundry Services, which is at the center of Gelsinger's plan to turn the company around. While it is a pittance compared to the Client Computing Group, ranging from $232 million to $6.8 billion, it is at least a relatively positive sign considering how much Intel is spending to build fabs and expand its manufacturing facilities.

All of this leads to the announcement of Meteor Lake later this year, which will not be a big one for us gamers because of its mobile focus, but may be a more interesting follow-up to Arrow Lake the year after that. Arrow Lake the following year.

Is Intel back, not quite enjoying the huge Nvidia price gains from the AI boom, but still, Intel had a long way to go to get back to the big money. The past three months are a promising sign for Gelsinger's strategy, and will likely buy him and his plan time to get up and running.