Intel reported second-quarter results that topped estimates but also guided for third-quarter earnings below estimates.
The company reported second-quarter earnings of $1.23 per share on revenue of $19.7 billion. Analysts were expecting the company to report earnings of $1.11 per share on revenue of $18.55 billion.
“It was an excellent quarter, well above our expectations on the continued strong demand for computing performance to support cloud-delivered services, a work- and learn-at-home environment, and the build-out of 5G networks,” said CEO Bob Swan. “In our increasingly digital world, Intel technology is essential to nearly every industry on this planet. We have an incredible opportunity to enrich lives and grow this company with a continued focus on innovation and execution."
But, for the third quarter, Intel expects to generate revenue of $18.2 billion on earnings of $1.10 per share. Wall Street is expecting revenue of $17.9 billion with earnings of $1.14 per share.
Jeff Marks, senior portfolio analyst with Jim Cramer's Action Alerts PLUS, weighs in on Intel. Marks called the latest earnings call one of the worst Intel has ever seen. Hear why Marks thinks Intel just opened the door for AMD in the video above.
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