Intel: data center chips prop beat and raise quarter

(CercleFinance.com) - Intel reported better-than-expected quarterly profit and raised its full-year forecast late on Thursday, boosted by higher demand for its data center and PC processors.


The chipmaker's shares were up 4.5% at 28.1 dollars in morning trading. The stock has risen by 10% over the last 12 months.

Intel said its third-quarter net income rose 42% to 6.4 billion dollars, or 1.38 dollar per share, on revenue that is up 19% at 19.2 billion dollars.

Sales at its data center segment rose 22%, driven by strong demand from cloud and communications service providers investing to meet the exponential demand for data.

The company also raised its full-year revenue outlook to 71.2 billion dollars, as well as its GAAP EPS forecast to approximately 4.52 dollars, meaning that 2018 will be "another record year."

"We are thrilled that in a highly competitive market, customers continue to choose Intel," said interim CEO Bob Swan.

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