Intel increases forecast in the middle of sales of robust chips
Intel increases forecast in the middle of sales of robust chips
It overcame its challenges to meet the hot demand for computer chips, with a 19% growth in revenue and what meant that Thursday will be another solid quarter ahead.
The chip maker's profits rose 42% despite the company facing a series of hurdles, including delays in launching a new generation of denser processors, as well as its continuing search for an executive director after Brian Krzanich left suddenly in June.
Intel said last month that Surprising growth in the personal computer market. He was pushing his network of factories. But that strong demand turned out to be positive too. Intel has focused manufacturing capacity on high-end servers and PCs, and that increased revenues and profits.
According to FactSet, Intel reported revenues of $ 19.16 billion in the third quarter, up from $ 16.2 billion the previous year and more than the $ 18.1 billion expected by analysts.
Net income rose to $ 6.4 billion. According to FactSet, Intel's profits reached $ 1.22 per share, much more than the $ 1.10 expected by analysts. Profits were aided by a tax rate of around 10% in the third quarter, compared to 24% last year.
Intel does not expect the strong demand for its chips to be reduced in the short term. Its forecast for the fourth quarter of revenue of about $ 19 billion exceeded Wall Street's estimate, and the company now expects sales of $ 71.2 billion for all of 2018, above its previous forecast of $ 69, 5 billion.
The shares rose less than 1% in the operations after the close of Thursday, after the end of the regular session, an increase of $ 4.5% to $ 44.31.
Intel has been without a full-time CEO since Mr. Krzanich resigned for violating company policy. for having a relationship with a co-worker. Chief Financial Officer Bob Swan, who has been serving as CEO, reiterated in an interview on Thursday that he is not interested in full-time work.
"Nothing has changed," he said. He said the board is looking for a successor "with a sense of urgency", but has not set a timetable to make a selection.
In the absence of a full-time boss, Intel has had to deal with a shortage of processors to meet PC demand. Global PC shipments increased 1.4% in the second quarter, the first increase in six years, and increased 0.1% in the third quarter, as corporate customers bought PCs with Windows 10, replacing the more old, according to a research firm
Gartner
Inc.
Swan said Intel was "struggling to keep up" with the lawsuit, but declined to estimate how much revenue Intel has lost. He said the company is developing capacity to handle the increase. Intel increased its capital spending plans by $ 1.5 billion to $ 15.5 billion this year to address the need.
Sales for the segment of the company that serves the PC market increased by 16% compared to the previous year to $ 10,230 million. Sales in its data center segment, the second largest unit of Intel and a solid driver of profits, increased 16%.
The growing demand comes as Intel faces challenges by increasing the production of its densely packed processors. Three months ago, Intel's shares sank because investors worried about continuing Delays in the launch of so-called 10-nanometer chips. To achieve volume production.
Intel surprised investors by saying that it hoped volume production would allow it to get systems with new chips on store shelves for the 2019 holiday season. On Thursday, Swan said the calendar is still running.
Write to Jay Greene in Jay.Greene@wsj.com and Micah Maidenberg in micah.maidenberg@wsj.com
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