Intel (INTC) reported third-quarter revenue that beat analysts’ expectations, sending shares higher after the bell on Thursday despite widening losses.

The chipmaker’s third-quarter revenue fell 6% year over year to $13.3 billion, above analysts’ consensus estimate of $13.03 billion from Visible Alpha. Intel reported a larger-than-expected loss of $16.6 billion, after reporting a second-quarter loss of $1.61 billion as the chipmaker works to cut costs. A year ago, the chipmaker reported a profit of about $300 million.

Intel said it expects fourth-quarter revenue of $13.3 billion to $14.3 billion, compared with the consensus estimate of $13.66 billion. It forecast a loss of 24 cents per share, more than the 12 cents per share loss forecast by analysts.

Results come as Chipmaker works to turn around its business

Intel’s results come as the popular chipmaker attempts to turn around its business after losing market share to competitors and miss key opportunities to benefit from the boom in demand for artificial intelligence (AI). Stocks have taken a hit in recent months as concerns grew about their ability to prepare for a return After reporting larger-than-expected losses in the previous quarter and announcing massive layoffs.

Shares of Intel jumped more than 14% in extended trading after the release. They were down more than 57% for the year through Thursday’s close, making them one of the worst-performing S&P 500 stocks of the year.