Intel closes up 9% after earnings beat shows progress toward $3 billion in cost savings

Intel stock closed up 9.3% on Friday after the company beat Wall Street expectations for profit and sales.

On Thursday, the chipmaker reported earnings per share of 41 cents, adjusted, versus the LSEG estimate of 22 cents. It posted $14.16 billion in revenue for the quarter, ahead of analyst expectations of $13.53 billion, but down 8% from the year-ago quarter. It marked Intel’s seventh consecutive quarter of declining sales.

The Friday boost…