Intel tops Q2 targets, raises outlook
Intel published better-than-expected second quarter financial results after the bell on Thursday.
The tech giant reported a net income of $2.8 billion, or 58 cents per share.
Non-GAAP earnings were 72 cents per share on revenue of $14.8 billion, up 9 percent from the year prior.
Wall Street was looking for earnings of 68 cents per share with $14.4 billion in revenue.
In prepared remarks, Intel CEO Brian Krzanich proclaimed that the company is on the path to "another record year."
"Q2 was an outstanding quarter with revenue and profits growing double digits over last year," said Krzanich. "We also launched new Intel Core, Xeon and memory products that reset the bar for performance leadership, and we're gaining customer momentum in areas like AI and autonomous driving."
Intel said its data-centric products have grown to account for larger slice of the company's overall revenue.
Looking closer at the numbers, Intel's data center unit rang up $4.4 billion in revenue during the quarter, up 9 percent year over year. The Internet of Things business grew slightly more at a rate of 26 percent year-over-year to deliver $720 million in revenue.
Meanwhile, Intel's client computing group posted revenue of $8.2 billion, up 12 percent from the previous year.
For the current quarter, Wall Street is looking for non-GAAP earnings of 74 cents per share with $15.32 billion in revenue. Intel responded with third quarter revenue guidance of $15.7 billion.
Intel is raising its full-year revenue outlook, citing higher expectations for the PC business. The company now expects revenue of $61.3 billion and earnings of $3.00 per share, an increase of 15 cents above its previous guidance.