Intel Jumps After Earnings Beat (INTC)
Intel (NASDAQ: INTC) is up more nearly one percent in after hours trading after reporting its third-quarter earnings results.
The company reported an EPS of $0.58 versus the Street estimate of $0.54, beating by $0.04. Revenue came in at $13.5 billion.
Intel also announced that it expects it fourth-quarter revenue to fall within the $13.7 billion (plus or minus $500 million) range. Wall Street expects its Q4 revenue to come in at $14 billion.
"The third quarter came in as expected, with modest growth in a tough environment," Intel CEO Brian Krzanich said in a company release. "We're executing on our strategy to offer an increasingly broad and diverse product portfolio that spans key growth segments, operating systems and form factors. Since August we have introduced more than 40 new products for market segments from the Internet-of-Things to datacenters, with an increasing focus on ultra-mobile devices and 2 in 1 systems."
Hoping to fend off its primary competitor, Intel has pushed hard to get its Haswell processors into new Windows 8 PCs. Apple's (NASDAQ: AAPL) MacBook Air was one of the first notebooks to receive a Haswell processor when it was upgraded earlier this year.
But while Apple and Intel may play nice together in the production of MacBooks, the two firms are expected to be direct competitors in the area of home entertainment.
Intel has been investing heavily in its TV service and set-top box project, which has included a search for weird employees. The company also hired talent from Apple, Netflix (NASDAQ: NFLX) and Google (NASDAQ: GOOG).
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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