Intel Reports First $11 Billion Quarter
NEW YORK (TheStreet) -- Strong demand from corporate customers helped chipmaker Intel (INTC) - Get Report beat analysts' third-quarter expectations.
Intel, which reported its numbers Tuesday after market close, announced third-quarter EPS of 52 cents on revenue of $11.1 billion, above estimates of 50 cents earnings per share on sales of $11 billion.
The company also gave fourth-quarter outlook of 11.4 billion. Analysts were expecting EPS of 50 cents on sales of about $11.33 billion.
Intel reported gross margin of 66%, in-line with company guidance.
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In a press release, Intel, the market leader for PC-powering chips, said its PC revenue was up 3% sequentially. While that's good news for the health of the overall computer market, Intel has largely missed being a part of the booming mobile device market. Intead, chips from rivals like
ARM Holdings
(ARMH)
and
Qualcomm
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(QCOM) - Get Report
have come to dominate the tablet and smartphone sectors; Intel's play into the mobile chip market isn't likely to arrive until well after the new year.
Shares of Intel, which have rallied almost 9% since August when the price reached its recent low of $17.70, were briefly up 2% after the beat. Shares are currently trading up 1.01%, or 19 cents, to $19.96 in after-hours trading.
--Written by Olivia Oran in New York
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