logo-loader
viewIntel Corporation

Intel shares higher as 3Q revenue, profit beat Wall Street estimates

The chipmaker says its positive results were powered by sales to data centers and easing concerns about slowing demand

Intel Corporation - Intel Corp shares jumped higher Friday a day after the company reported third-quarter revenue and profit that beat Wall Street estimates and raised its full-year revenue forecast
Intel’s results gave a boost to the industry facing some headwinds

Intel Corp (NASDAQ:INTC) shares jumped higher on Friday after the company reported third-quarter revenue and profit that beat Wall Street estimates and raised its full-year revenue forecast in an after-hours release on Thursday.

Intel shares recently traded up 7% at $55.88 in New York. 

The Santa Clara, California-based chipmaker on Thursday said its positive quarterly results were powered by sales to data centers and easing concerns about slowing demand during the US-China trade war.

Intel said net revenue was steady at $19.19 billion, beating estimates of $18.05 billion. Revenue from its higher-margin data center business rose 4% to $6.4 billion, while analysts were expecting revenue of $5.62 billion.

Excluding items, the company said it earned $1.42 per share, above estimates of $1.24 per share.

For the full year, Intel expects revenue of $71 billion, up from its earlier forecast of $69.5 billion. That came in above analysts’ estimate of $69.43 billion.

Chief Financial Officer George Davis said revenue could have been higher but Intel was unable to make enough chips for entry-level PCs.

“Demand has just outstripped our ability to add capacity,” Davis told Reuters in an interview. “In some ways it’s a good problem to have, but anytime you can’t satisfy your customers, that’s not a good outcome.”

Intel’s results gave a boost to the industry facing some headwinds. Major chipmakers Texas Instruments Inc (NASDAQ:TXN) and Xilinx Inc (NASDAQ:XLNX) earlier this week issued downbeat forecasts.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Intel Corporation

Price: 48.89 USD

NASDAQ:INTC
Market: NASDAQ
Market Cap: $207.93 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Auryn Resources spins our Peruvian assets creating a new company called Fury...

Auryn Resources (TSE: AUG- NYSEAMERICAN: AUG) Executive Chairman Ivan Bebek and new company Fury Gold Mines CEO Mike Timmins joined Steve Darling from Proactive Vancouver with news Auryn is creating a new gold-focused exploration and development company called Fury Gold Mines. Bebek discusses...

16 hours, 44 minutes ago

2 min read