Intel Q3 up 43% on soaring sales of processors
Intel’s soaring sales of microprocessors helped the company overcome flat prices for those chips and reap a 43% boost in profits in the third quarter.
SAN JOSE: Intel’s soaring sales of microprocessors helped the company overcome flat prices for those chips and reap a 43% boost in profits in the third quarter.
Intel said it earned $1.86 billion in the three months ended in September. That beat by a penny the average estimate of analysts surveyed by Thomson Financial, and it’s 43% higher than the $1.3 billion Intel earned in the year-ago period.
In a conference call to discuss the earnings report, management dismissed concerns about a potential slowdown and said demand justified their higher financial targets. Bolstered by the swelling demand and its own lower costs following a massive restructuring, Intel glided past Wall Street’s already-bullish expectations.
Intel also announced a management shake-up on Tuesday, appointing chief financial officer Andy Bryant to the position of chief administrative officer, effective immediately. His replacement as CFO is Stacy Smith, an Intel employee since 1988 whose latest job was assistant CFO.
Intel’s revenues for the quarter were $10.09 billion, a 15% jump from the $8.74 billion in sales rung up a year ago. Investors liked Intel’s upbeat outlook and sent shares of the Santa Clara-based chip maker up $1.31, or more than 5 per cent, to $26.79 in extended trading after it reported its third-quarter financial results on Tuesday. The shares had fallen 27 cents to $25.48 in the regular session.
Intel said it earned $1.86 billion in the three months ended in September. That beat by a penny the average estimate of analysts surveyed by Thomson Financial, and it’s 43% higher than the $1.3 billion Intel earned in the year-ago period.
In a conference call to discuss the earnings report, management dismissed concerns about a potential slowdown and said demand justified their higher financial targets. Bolstered by the swelling demand and its own lower costs following a massive restructuring, Intel glided past Wall Street’s already-bullish expectations.
Intel also announced a management shake-up on Tuesday, appointing chief financial officer Andy Bryant to the position of chief administrative officer, effective immediately. His replacement as CFO is Stacy Smith, an Intel employee since 1988 whose latest job was assistant CFO.
Intel’s revenues for the quarter were $10.09 billion, a 15% jump from the $8.74 billion in sales rung up a year ago. Investors liked Intel’s upbeat outlook and sent shares of the Santa Clara-based chip maker up $1.31, or more than 5 per cent, to $26.79 in extended trading after it reported its third-quarter financial results on Tuesday. The shares had fallen 27 cents to $25.48 in the regular session.
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