Intel’s Shares Soar on Strong Quarter, Raised Forecasts
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.
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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.
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Adjusted for certain items, Intel reported revenue of $14.76 billion, also ahead of estimates of $14.41 billion.