Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward

Intel’s Shares Soar on Strong Quarter, Raised Forecasts

July 27, 2017, 8:52 PM UTC
A visitor walks by the Intel stand at the CeBIT 2017 Technology Trade Fair on March 20, 2017 in Hanover, Germany.
Alexander Koerner—Getty Images

Intel reported a better-than-expected quarterly profit, and the world’s largest chipmaker raised its full-year forecasts, sending its shares up 4.2% after the bell.

The company said on Thursday it expected full-year adjusted earnings to be $3 per share, plus or minus 5%. The new forecast is 15 cents per share higher than the company’s previous estimate.

Intel also increased its full-year revenue forecast by $1.3 billion to $61.3 billion, plus or minus $500 million.

Analysts on average were expecting earnings of $2.86 per share and revenue of $60.22 billion, according to Thomson Reuters I/B/E/S.

“Based on our strong first-half results and higher expectations for the PC business, we’re raising our full-year revenue and EPS forecast,” CFO Bob Swan said in a statement.

Intel’s net income rose to $2.81 billion, or 58 cents per share, in the second quarter ended July 1 from $1.33 billion, or 27 cents per share, a year earlier.

Get Data Sheet, Fortune’s technology newsletter.

On an adjusted basis, Intel earned 72 cents per share, ahead of analysts’ average estimate of 68 cents per share.

Profit in the prior-year quarter was hurt by a charge of $1.41 billion related to Intel’s cost-cutting drive.

Revenue rose to $14.76 billion from $12.53 billion.

For more about Intel, watch:

Adjusted for certain items, Intel reported revenue of $14.76 billion, also ahead of estimates of $14.41 billion.