Intel Reports Q3 Results Ahead of the Street Forecasts

October 19 00:00 2011

New York, October 19 (RainbowNewsLine.com) – Intel (NASDAQ: INTC) shares rose in extended trading after the world’s biggest chipmaker reported third-quarter earnings that went ahead of Wall Street’s forecasts and its forecast fourth-quarter sales that exceeded some analysts’ estimates. Its sales have risen to new heights once again as its semiconductor shipments to China and other emerging markets more than made up for the sluggish US demand.

Paul S. Otellini, Intel’s chief executive, said in a conference call with analysts that “Enterprise PC demand remains strong, and consumer demand in emerging markets continues to be strong,” and added that “The global PC landscape is changing.”

Intel’s sales jumped 28 percent in the third-quarter, to $14.2 billion from $11.1 billion in the same period last year. Its net income was $3.5 billion or 65 cents a share, which was 17 percent higher than the same period last year when Intel’s net income was $2.96 billion, or 52 cents per share. Wall Street analysts expected a net income of 61 cents a share on sales of $13.9 billion.

For the current quarter, Intel said that its revenue would be $14.7 billion against the Wall Street forecast of $14.23 billion. Mr. Otellini said that Intel is on track to reach $55 billion in revenues in 2011, a 26 percent increase from the previous year.

Intel shares rose nearly 5 percent in after-hours trading, after closing up 12 cents at $23.40 in the regular session.

 

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