Intel quarterly results beat Street

SAN FRANCISCO: Intel Corp reported higher-than-expected quarterly results and forecast revenue for the current quarter ahead of Wall Street targets on recovering demand for personal computers. Intel on Tuesday reported a net profit in the third quarter ended Sept. 26 of $1.9 billion or 33 cents per share, compared with a net profit of $2.01 billion, or 35 cents per share, a year earlier.

That result exceeded the 28 cent per-share profit expected on average by analysts, according to Thomson Reuters I/B/E/S. Revenue fell 7.8 percent to $9.4 billion from $10.2 billion a year ago, but surpassed the $9.06 billion expected by analysts polled by Thomson Reuters I/B/E/S. Intel forecast fourth quarter revenue of $10.1 billion, plus or minus $400 million, and said fourth quarter gross margins should be 62 percent, plus or minus 3 percentage points.

Analysts polled by Thomson Reuters I/B/E/S are, on average, expecting a fourth quarter revenue of $9.5 billion and a gross margin of 56.86 percent. Shares of the Santa Clara, California-based company closed up 0.44 percent at $20.49 in regular-session trade on the Nasdaq.