Intel Beats, Raises Guidance

(Update includes premarket trading action.)

Intel (INTC Quote) crushed it -- beating expectations and raising guidance for the current quarter.

The Santa Clara, Calif.-based chipmaker posted an adjusted profit of $1 billion, or 18 cents a share. That is down from the 28 cents in the year-ago period but more than twice the 8-cent pro forma profit target analysts had for the stock, according to Yahoo! Finance.

Sales for the second quarter were $8 billion, which is down 16% from the $9.5 billion level last year at this time. Analysts were looking for sales of $7.28 billion. ...