Intel Corp. (INTC) Thursday reported a profit for the third quarter that trumped Wall Street estimates. However, the chipmaker's shares tanked over 9% in extended session after its third-quarter revenues missed Street estimates.
Santa Clara, California-based Intel reported third-quarter profit of $6.82 billion or $1.67 per share, up from $4.28 billion or $1.02 per share last year.
Adjusted earnings for the quarter were $1.71 per share, up from $1.08 per share last year. On average, 33 analysts polled by Thomson Reuters estimated earnings of $1.11 per share for the quarter.
Intel's revenues for the quarter rose 5% to $19.19 billion from last year's revenue of $18.33 billion. Adjusted revenues for the quarter were $18.1 billion, compared to $17.3 billion a year ago. Analysts had a consensus revenue estimate of $18.24 billion for the quarter.
The company said its third-quarter revenue was led by strong recovery in the Enterprise portion of Data Center Group and in Internet of Things Group, which saw higher demand amid recovery from the economic impacts of COVID-19. The Client Computing Group was down due to lower notebook volumes due to industry-wide component shortages, and on lower adjacent revenue, partially offset by higher average selling prices and strength in desktop.
Looking forward to the fourth quarter, Intel expects adjusted revenues of about $18.3 billion and adjusted earnings of around $0.90 per share. Analysts currently estimate earnings of $1.01 per share and revenues of $18.25 billion.
For the full year 2021, the company now expects adjusted revenues of $73.5 billion and adjusted earnings of $5.28 per share. Analysts currently estimate earnings of $4.79 per share on revenues of $73.60 billion. Previously, the company expected adjusted earnings of $4.80 per share.
Further, Intel said its CFO George Davis announced plans to retire from the company in May 2022. He will continue to serve in his current role while Intel conducts a search for a new CFO and until his successor is appointed.
INTC closed Thursday's trading at $56.00, up $0.63 or 1.14%, on the Nasdaq. The stock, however, slipped $5.14 or 9.18%, in the after-hours trading.
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