NEW YORK – Intel has reported a profitable quarter as the company, once a flagship of American technology, endeavors to reclaim its position in the market.

For the three months ending in September, Intel announced a net income of $4.1 billion, translating to 90 cents per share. This marks a significant turnaround from the previous year’s figures, where the company faced a staggering loss of $17 billion, or $3.88 per share. When accounting for certain one-time items, Intel posted an adjusted profit of 8 cents per share.

The company’s revenue saw a 3% increase compared to the previous year, reaching $13.7 billion.

In a surprising development, the U.S. government became a 10% shareholder in Intel in August. This move is particularly notable under a Republican administration, given the party’s traditionally held stance against government intervention in corporate affairs.

Following the earnings report, Intel’s stock experienced a nearly 8% surge in after-hours trading, reaching $41.10 per share.

Since taking the helm, CEO Lip-Bu Tan has been actively reducing workforce numbers and shelving various projects in a strategic effort to trim expenses.