Intel, the world’s largest computer chipmaker raised its full-year revenue and profit forecast, helped by strong growth in its data center and cloud computing business.
For the full year, the company said it expects to earn $2.93 per share on revenue of $62 billion.
Revenue from Intel’s higher-margin data center business rose 7% to $4.9 billion in the third quarter, beating analysts’ expectation of $4.79 billion, according to financial data and analytics firm FactSet.
Intel, which has been switching its focus to the data center business, is also venturing into newer areas such as artificial intelligence and driverless cars to reduce its reliance on the traditional PC market.
The company’s net income rose to $4.52 billion, or 94 cents per share, in the third quarter ended Sept. 30, from $3.38 billion, or 69 cents per share, a year earlier.
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Excluding items, the company earned $1.01 cents per share, beating analysts’ estimate of 80 cents per share.
Revenue rose 2.4& to $16.15 billion, beating estimates of $15.73 billion.