As the PC market slump began to ease, chipmaker Intel (INTC.O) on Thursday reported a surprise quarterly profit and anticipated third-quarter earnings beyond Wall Street projections, sending its shares up almost 6%.

Due to consumers having already purchased the computers they required for the pandemic, the personal computer market has been in free fall for the past year.

However, the oversupply has begun to subside, with PC shipments declining only 11.5% in the June quarter compared to a 30% decline in each of the two prior quarters, according to Canalys statistics.