Analysts were expecting Intel to report earnings of $1.15 per share on revenue of $18.13 billion.
"Stronger-than-expected customer demand across our PC and data-centric businesses continued in the third quarter. This drove record revenue and another raise to our full-year outlook, which is now up more than six billion dollars from our January expectations," CFO and Interim CEO Bob Swan said in the release.
As a result, the company raised its full-year revenue guidance to $71.2 billion from $69.5 billion and its full-year earnings expectations to $4.53 per share from $4.15 per share.
"In the fourth quarter, we remain focused on the challenge of supplying the incredible market demand for Intel products to support our customers' growth. We expect 2018 will be another record year for Intel, and our transformation positions us to win share in an expanded $300 billion total addressable market," Swan said.
Intel was in the news earlier this week following reports that it was jettisoning its 10 nm chip manufacturing process in response to a string of delays earlier this year. But Intel denied those reports even as rival Advanced Micro Devices Inc. (AMD) - Get Advanced Micro Devices, Inc. Report gains ground on Intel's dominance.
Shares of Intel are down 11% since the company's last earnings release, but the stock rose more than 5% intraday Thursday.