Intel, the semiconductor giant, reported better-than-expected financial results for the second quarter of the year. Here are the key details:
Revenue
In the second quarter, Intel recorded revenue of $12.95 billion, a decrease from $15.32 billion in the same period last year. Analysts had predicted revenue of $12.13 billion, according to FactSet.
Adjusted Earnings
The company posted adjusted earnings of 13 cents per share, compared to 28 cents per share in the previous year. This surpassed analysts' expectations of a 4 cent per share loss.
Net Income
Intel's net income for the quarter was $1.48 billion, a significant improvement from the $454 million loss in the prior-year period. Analysts had anticipated a loss of $2.52 billion.
Outlook
For the third quarter, Intel forecasts revenue between $12.9 billion and $13.9 billion, with adjusted earnings of 20 cents per share. This aligns with analysts' estimates.
Key Points
"Strong execution, including progress towards our $3 billion in cost savings in 2023, contributed to the upside in the quarter," said Chief Financial Officer David Zinsner.
In exciting news, Intel revealed that Mobileye will soon begin testing a mobility-as-a-service collaboration with Volkswagen Group.
Following the release of these impressive quarterly results, shares of Intel surged over 6% in after-market trading.
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