Intel Corporation (NASDAQ:INTC)’s share price built on Thursday’s gains after its boss said the company is tracking above the midpoint of its prior forecast for the third quarter.
Chief executive Pat Gelsinger made the comments at a Deutsche Bank conference highlighting a healthy client business.
Intel previously said to expect $12.9 billion to $13.9 billion in revenue in the quarter.
"Inventory levels are solid," Gelsinger said, according to a transcript.
"Our market share is improving. We're about to go into a next major product ... so we feel good about where we are, and we feel good about the road map of capabilities going forward."
Gelsinger added that Intel's data-center business is "right where we thought it would be at this point".
The company had projected that the third quarter would be down a bit sequentially as the company worked through inventory.
Gelsinger also discussed some dynamics beyond the quarter, including as relates to Intel's foundry business, calling out a "large customer prepay" for its 18A process technology.
"We want to get public with some of the customer names over time, and we still hope to do that this year, but getting a significant customer prepay is a pretty profound statement of affirmation of their confidence if they're putting prepays on our balance sheet for us," he said.
Shares were 0.8% higher in pre-market deals after closing up 1.8% on Thursday.