Intel Beats on Top Line, Misses Revenue Estimates; Guidance Disappointing
Leading global semiconductor company Intel (NASDAQ: INTC) released its second-quarter earnings results after the closing bell on Tuesday. The company reported non-GAAP net income of $2.97 billion or $0.57 per share, down from $3.13 billion or $0.57 per share in the year ago period. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.52.
Net revenue in the quarter was $13.50 billion versus $13.03 billion in last year's second-quarter. This missed Wall Street analysts consensus revenue estimates of $13.56 billion.
Looking ahead to the third-quarter, the company sees revenues of $14.3 billion, plus or minus $500 million. This is light of analysts' consensus revenue estimates of $14.60 billion for the third quarter.
Intel said that it expects revenues to be up 3 percent to 5 percent year-over-year, compared to previous expectations for high single-digit growth.
In the after hours trading session, INTC shares have gained 0.20% to $25.44 after initially falling on the news.
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