NEW YORK (AP) — Intel has posted a profit in its first quarterly report since the U.S. government became a major shareholder in the struggling chipmaker.

The one-time American tech icon reported a net income of $4.1 billion, or 90 cents per share, in the three months ending in September, up from a loss of $17 billion, or $3.88 per share, a year earlier. Revenue climbed 3% from last year to $13.7 billion.

Stock in the company rose nearly 8% in after-hours trading to $41.10, adding to strong gains since the United States invested in the summer.

Recently installed CEO Lip-Bu Tan has been slashing thousands of jobs and mothballing projects to shore up the company’s finances and better compete with domestic and foreign rivals that have since overtaken it.

President Donald Trump announced in

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