Shares of Intel Corp. (INTC) - Get Report jumped higher in after hours trading on Thursday after the tech titan reported stronger-than-expected second-quarter financial results and raised guidance for the rest of the year.
For the quarter, Intel posted adjusted earnings of 72 cents per share, topping analysts' projections for 68 cents per share. Revenue of $14.8 billion, beating estimates for $14.41 billion.
Share of Intel gained about 2% to $35.74 after hours, and had been up about 4% immediately following the report.
"Q2 was an outstanding quarter with revenue and profits growing double digits over last year," said Brian Krzanich, Intel CEO. "We also launched new Intel Core, Xeon and memory products that reset the bar for performance leadership, and we're gaining customer momentum in areas like AI and autonomous driving. With industry-leading products and strong first-half results, we're on a clear path to another record year."
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Intel supercharged its self-driving car initiative with the $14.7 billion purchase of MobilEye NV announced in March. CFO Bob Swan said that Intel plans to close the purchase in the third quarter.
The outlook for the rest of the year has picked up. For the third-quarter, Intel expects EPS of 80 cents versus the consensus of 74 cents. Third-quarter revenue is projected to be $15.7 billion, versus the consensus of $15.3 billion.
Intel raised its full-year 2017 revenue guidance by $1.3 billion to $61.3 billion, and upped its non-GAAP earnings forecast by 15 cents to $3.00 per share.
Updated from 4:17 p.m. with additional information.
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