Intel up to 54.75 AH at the moment.
Intel stock rallies as results, outlook top Street view
MARKETWATCH 4:29 PM ET 10/24/2019
Symbol Last Price Change |
| INTC | 52.23 | +0.51 (+0.99%) | | QUOTES AS OF 04:00:00 PM ET 10/24/2019 |
Data-center sales surprise Street with 4% growth
Intel Corp. (INTC) shares rallied in the extended session Thursday after the chip giant's quarterly results and outlook topped Wall Street estimates and data-center sales showed an unexpected increase.
Intel (INTC) shares surged 5.9% after hours, following a 1% rise in the regular session to close at $52.23. In comparison, the Dow Jones Industrial Average declined 0.1%, the S&P 500 index rose 0.2%, the tech-heavy Nasdaq Composite Index advanced 0.8%, and the PHLX Semiconductor Index closed up 2.5%.
The company reported third-quarter net income of $5.99 billion, or $1.35 a share, compared with $6.4 billion, or $1.38 a share, in the year-ago period. Adjusted earnings were $1.42 a share.
Revenue rose to $19.19 billion from $19.16 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $1.23 a share on revenue of $18.05 billion.
The company also said it will buy back $20 billion more in stock.
Data-center group, or DCG, revenue rose 4% to $6.4 billion, while the Street was expecting a drop of 8.5% to $5.62 billion, according to FactSet data, while Intel's(INTC) largest segment -- client-computing, the traditional PC group -- came in at $9.7 billion, while analysts expected $9.6 billion from the year-ago period.
Intel (INTC) expects earnings of $1.24 a share on revenue of about $19.2 billion, while analysts had forecast $1.21 a share on revenue of $18.83 billion.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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