Shares Of Intel Rallying Following Boosted Outlook

Intel

raised its second-quarter and full-year guidance after the close Thursday, citing stronger-than-expected demand for business PCs. Intel had previously expected second quarter revenue to fall in the range of $12.5 billion to $13.5 billion and now sees $13.4 billion to $14 billion. The midpoint of the new forecast topples the analyst estimate of $13.02 billion by 5.2 percent. However, the company also increased its R&D and MG&A expenses by $100 million to $4.9 billion. Looking forward to the full year, Intel expects year over year growth while it had previously expected no change. The full year R&D and MG&A estimate was raised by $300 million to $19.2 billion. Shares of Intel are currently trading up 3.61 percent in after-hours trading at $28.79, down more than $1 from the $29.80 high.