Intel Corporation (INTC) shares are moving higher after reporting a third-quarter earnings beat.
Adjusted earnings came in at $1.42, beating estimates by 18 cents. Sales came in at $19.2 billion, beating estimates by $1.15 billion.
The company raised full-year sales guidance from $69.5 billion to $71 billion. Intel also added $20 billion to its stock repurchase program.
“We've been on a multiyear journey to reposition Intel’s portfolio to take advantage of the exponential growth of data. Our third-quarter financial performance underscores our progress as our data-centric businesses turned in their best performance ever, making up almost half our total revenue in a record quarter,” CEO Bob Swan said. “Our priorities are accelerating growth, improving our execution and deploying capital for attractive returns. We now expect to deliver a fourth record year in a row.”
Highlights
- PC-centric revenue declined 5% year-over-year
- Data-centric revenue grew 6% year-over-year
- GAAP EPS declined 2% year-over-year
Intel shares traded higher by 8% in Thursday's after-hours session. The stock closed at $52.23 per share.
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