Intel beats Q3 expectations, raises guidance
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Intel (INTC) reported a beat on both the top and bottom lines for their third quarter.
The chip giant earned $1.40 per share, compared to the $1.15 per share that analysts were expecting, according to Bloomberg. Intel has now blown past analysts’ profit expectations for the twelfth straight quarter.
The stock surged more than 3% in after-hours trade on Thursday following its third-quarter financial results.
Revenue came in better than expected at $19.2 billion, which was higher than Wall Street estimates of $18 billion.
“Stronger than expected customer demand across our PC and data-centric businesses continued in the third quarter. This drove record revenue and another raise to our full-year outlook, which is now up more than six billion dollars from our January expectations. We are thrilled that in a highly competitive market, customers continue to choose Intel,” interim CEO Bob Swan said in a statement.
Intel’s former CEO Brian Krzanich resigned in June, and the company has yet to find a more permanent replacement.
Looking ahead to the fourth quarter, analysts are expecting the chipmaker to report earnings of $1.09 per share on $18.39 billion in revenue. The chipmaker raised fourth-quarter guidance and expects to see $1.16 earnings per share on $19 billion revenue.
Intel shares closed 4% higher on Thursday and posted its best day since March 26.
Heidi Chung is a reporter at Yahoo Finance. Follow her on on Twitter: @heidi_chung.
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