By BERNARD CONDON

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.

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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.

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