Intel Shares Jump 3% Following Raised Revenue Guidance

Sep 21, 2016, 01:21
Intel Shares Jump 3% Following Raised Revenue Guidance

Intel now says it expected third-quarter revenue to be $15.6 billion, plus or minus $300 million, compared with its prior forecast of $14.9 billion, plus or minus $500 million.

Intel raise the outlook to $15.6bn, plus or minus $300mln, from the previous range of $14.9bn, plus or minus $500mln, based on restocking of the PC supply chain inventory.

Third-quarter research and development plus MG&A spending is expected to be approximately $5.2 billion, $100 million higher than the prior expectation of approximately $5.1 billion.

Please Wait while comments are loading.

The world's largest chipmaker, Intel has expanded its offerings in recent years amid the explosion of mobile platforms and tepid PC sales growth.

Shares of Intel Corp. rose 82 cents, or 2.2 percent, to $37.38 in afternoon trading Friday.

That implies the highest-ever quarterly revenue for Intel, according to Thomson Reuters data.

By the second quarter, the rate of decline in PC shipments had slowed, as demand in North America helped blunt weakness across the rest of the industry.

Intel forecasts the mid-point of its third-quarter GAAP gross margin range at 62 percent, plus or minus a couple of points. This is what seems to be the permanent trend and we will most likely see more people moving to mobile devices that allow more portability although not being as powerful as a PC.

Intel will report complete third-quarter results on October 18.

Up to Thursday's close, the stock had risen 6.1 percent this year, underperforming the 20.8 percent gain in the broader Philadelphia SE Semiconductor Index during the period.

YOU MIGHT ALSO LIKE
popular

Newcastle could make more changes against Wolves Newcastle could make more changes against Wolves
He said: "You have to change players, but we did it before and we were winning". But it could be that one player keeps on scoring and stays in the team.

Man with cystic fibrosis dies before seeing his dying wife Man with cystic fibrosis dies before seeing his dying wife
Katie Prager had complications following her transplant and it was never successful. "He meant everything to me", said Katie . However, the transfer was set back numerous times for several reasons, and on September 17, the same day Mrs.

Phyllis Schlafly had impact on politics
I remember feminists wondering at the time if Schlafly had ever taken a plane ride and used one of those dreaded unisex bathrooms. She wrote 27 books and had tens of thousands of speaking engagements in her long campaign, the Eagle Forum said Monday.

Seattle coaches join high school team in kneeling for anthem Seattle coaches join high school team in kneeling for anthem
Where are all our other teams at? "I don't know if they really understand why they're doing it", parent Donna Vennhuizen said. The act of disrespect is said to be in protest of racial oppression... in a country now being led by a black president.