Intel just reported Q3 results. Here’s why the stock is rising.

Intel (NASDAQ:INTC) shares soared 10% in late trading on Thursday after the semiconductor giant reported third-quarter results and guidance that were largely ahead of Wall Street estimates and showed that it is making progress on its restructuring plan.

Competitors Nvidia (NVDA) and AMD (AMD) moved higher following Intel’s results.

For the period ending September 28, Intel said it lost $0.46 per share as revenue came in at $13.28B, down 6.2% year-over-year.

Analysts were expecting a loss of $0.02 per share on $13.02B in revenue.

The Santa Clara, Calif.-based company said it generated $7.3B in revenue from its Client Computing Group, below the $7.46B analysts were expecting. Datacenter and AI revenue came in at $3.35B, while revenue attributed to Mobileye (MBLY), which reported its own quarterly results on Thursday, was $485M. The Network and edge segment generated $1.5B, while the company’s foundry segment saw revenue fall 8% year-over-year to $4.4B.

The company also said it made “significant progress” on its $10B cost reduction plan, announced last quarter. It took a $2.8B restructuring charge in the third-quarter, including $528M in non-cash charges and $2.2B of which will be cash settled in the future.

“Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio and improve organizational efficiency. We delivered revenue above the midpoint of our guidance, and are acting with urgency to position the business for sustainable value creation moving forward,” said Intel CEO Pat Gelsinger. “The momentum we are building across our product portfolio to maximize the value of our x86 franchise, combined with the strong interest Intel 18A is attracting from foundry customers, reflects the impact of our actions and the opportunities ahead.”

Seeking Alpha analyst Bashar Issa, who is bearish on Intel, said the company’s results were better than he expected and that the segments “showed resilience in terms of profit margins.” However, he noted Intel lost market share in the cloud and artificial intelligence markets and its foundry segment is “still unprofitable, with no end solution in sight.”

Looking to the fourth-quarter, Intel expect revenue to be between $13.3B and $14.3B, with the midpoint of $13.8B above the $13.66B analysts were anticipating. It also anticipates earning an adjusted $0.12 per share, with adjusted gross margins of 39.5%.

Analysts were anticipating adjusted earnings of $0.08 per share.

Gelsinger also said in an interview with Bloomberg that he intends to keep the company together.

The company will hold a conference call at 5 p.m. EST to discuss the results.

(This story has been updated to include analyst commentary.)