Intel Beats Street Views, Posts 8% Revenue Growth
Intel (NASDAQ: INTC) beat second-quarter consensus estimates by $0.02, posting a 41 percent increase in second-quarter net income on strong performance of its PC and data center segments.
The chipmaker said income grew to $2.8 billion, or $0.55 per share, up from $2 billion or $0.39 per share in the year-earlier period.
The company is looking for third-quarter sales in the range of $13.9 billion to $14.9 billion. Analysts on Intel are currently looking for sales around $14 billion.
Gross margin for the quarter will be around 66 percent, plus or minus a couple points, according to the company.
Revenue grew eight percent to $13.8 billion, from $12.8 billion a year earlier.
Analysts on average expected $0.52 per share, on revenue of $13.69 billion.
Intel's forecasting share repurchases of $4 billion in the third quarter, with additional share repurchases in the fourth quarter. Its directors authorized an increase of $20 billion to its share repurchase program.
During the second quarter, PC Client Group posted revenue of $8.7 billion, up nine percent sequentially and up six percent year-over-year.
The company's Data Center Group's revenue of $3.5 billion grew 14 percent sequentially and up 19 percent from a year earlier.
Revenue from its Mobile and Communications Group fell 67 percent to $51 million, compared with the first quarter, while revenue from the Software and services operating segments fell one percent sequentially to $548 million.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.