Intel beats expectations as businesses buy more PCs
Intel reported quarterly earnings and revenue on Tuesday that beat analysts’ expectations, citing high demand for PCs by businesses.
The chip maker reported second-quarter revenue of $13.8 billion, with earnings per share at $0.55. Analysts had expected earnings per share of $0.52 on revenue of $13.71 billion.
Intel’s shares rose $1.31 in after hours trading to $33.07, or 4.1%.
“It was a good quarter representing financial growth and solid momentum as we approach the second half of the year,” Intel CEO Stacy Smith said in a statement.
Intel’s (INTC) PC unit, its largest division, saw revenue of $8.7 billion, a 6% increase year over year. Mobile, meanwhile, continued to be the company’s worst segment, with revenue down 83% from last year. CEO Brian Krzanich, however, has plans to push the company into focusing more on making chips for mobile devices.
In the first quarter of the year, meanwhile, Intel reported reported earnings per share of $0.38 on revenue of $12.8 billion.