Intel Earnings Beat Street, Shares Edge Higher In After-Hours Trading

Intel Corporation topped Wall Street expectations and reported third-quarter earnings Tuesday of 66 cents per share on revenue of $14.6 billion, compared with a profit of 58 cents on sales of $13.48 billion a year earlier.

Analysts had expected the company to report fiscal 2014 third-quarter earnings of 64 cents, excluding items, on revenue of $14.41 billion, according to Thomson Reuters.

"We are pleased by the progress the company is making," said Intel CEO Brian Krzanich in the earnings report. "We achieved our best-ever revenue and strong profits in the third quarter." 

Intel’s PC client group revenue rose 9 percent year-over-year to $9.2 billion, and sales in its mobile and communications group were in line with expectations at $1 million.

Krzanich is scheduled to host a conference call with shareholders on Tuesday at 5 p.m. EDT to discuss the chipmaker’s third-quarter results. The webcast is available here: http://bit.ly/1rUWUeg

Analysts will be looking for two key things during the call–the chipmaker’s fourth-quarter guidance and how it is being affected by slowdowns in Europe and Asia. “Intel is an extremely important part of the overall tech sector because it’s a bellwether stock,” said Adam Sarhan, CEO of Sarhan Capital. “It’s a good overall proxy in the overall tech space.”

Following the earnings announcement, shares of Intel edged up 0.87 percent to $32.50 in after-hours trading. 

Xeni Jardin

Leave a Reply

Your email address will not be published. Required fields are marked *