US chipmaker Intel raised its full-year revenue and profit guidance after reporting third-quarter earnings that easily beat analysts' expectations.
Reporting after the Wall Street closing bell on Thursday, the world's largest semiconductor maker said it now expected full-year earnings of $3.25 a share on revenues of $62bn, up from its previous forecast of $3 a share on revenue of $61.3bn.
Analysts polled by Thomson Reuters had averaged a call of $3.01 a share on revenue of $61.4bn.
Intel reported a 36% rise in third-quarter earnings per share of 94 cents, easily beating the average forecast of 73 cents. Net income rose 34% to $4.5bn, beating forecasts of $3.8bn.
Other highlights included:
- Third-quarter revenue rose 2% to $16.1bn
- Gross margin was down 1 percentage point to 62.3%
- Operating income rose 15% to $5.1bn
- Cash generation from operations of $6.3bn
"We executed well in the third quarter with strong results across the business, and we’re on track to a record year,” said Brian Krzanich, Intel chief executive.
“I’m excited about our progress and our future. Intel’s product line-up is the strongest it has ever been with more innovation on the way for artificial intelligence, autonomous driving and more.”
Shares in Intel were up 2.2% at $41.35 in pre-market trade.