Intel Corporation (NASDAQ: INTC) reported a 6% drop in earnings for the third quarter of 2019 due to higher costs and expenses. However, the results exceeded analysts’ expectations. Further, the chipmaker guided fourth-quarter revenue and earnings above the consensus estimates.
Net income dropped by 6% to $6 billion or $1.35 per share. Adjusted earnings rose by 1% to $1.42 per share. Revenue remained flat at $19.2 billion.
Intel has been facing misfortune due to the ongoing chip shortage as it is struggling to meet demand. However, the top line set an all-time quarterly record backed by data-centric revenue, up 6% year-over-year. PC-centric revenue was in-line with expectations, down 5% compared to last year.
Looking ahead into the fourth quarter, the company expects revenue to be about $19.2 billion and earnings of $1.28 per share. Adjusted earnings are anticipated to be $1.24 per share.
For fiscal 2019, the company lifted its revenue outlook to $71 billion from the previous forecast of $69.5 billion. The earnings guidance is lifted to $4.42 from previous estimate of $4.10, and the adjusted earnings outlook is raised to $4.60 from the prior expectation of $4.14.
For the third quarter, PC-centric business experienced lower year-on-year platform volume despite strong mix of Intel’s higher performance products as the commercial segment of the PC market remained strong.
The data-centric businesses were benefited by strong mix of high-performance Intel’s Xeon processors and growth in every segment of the business. The communications service provider segment grew 11% while the cloud segment returned to growth, up 3%, and enterprise and government revenue rose 1%.
The Internet of Things Group achieved a 9% growth in revenue on strength in retail and transportation. Mobileye revenue grew by 20% on increasing ADAS adoption. Intel’s memory business achieved a 19% jump in revenue. Revenue from the Programmable Solutions Group rose by 2% after the shipment of first 10-nanometer based Intel Agilex FPGAs in the third quarter.
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