Intel Corp. (NASDAQ:INTC) saw its shares rise in after-hours trading after the US chip giant reported a 34% jump in third quarter profit despite increasing competition in its core markets.
In numbers released after the New York market’s close, Intel said its third quarter profit rose to US$4.52bn, up from US$3.38bn a year earlier, as revenue rose by 2% to US$16.1bn, topping estimates for US$15.73bn. The group’s adjusted third quarter earnings per share were US$1.01, beating estimates of US$0.80.
Full-year outlook lifted
The company lifted its full-year outlook, forecasting adjusted earnings per share of US$3.25 on sales of US$62bn, against previous expectations of US$3 per share on sales of US$61.3bn.
Third quarter sales at Intel's division responsible for personal computer chips - which brings in more than half of the company's revenue - was unchanged from a year earlier at US$8.9bn.
The firm’s unit that sells chips for servers for Internet companies and communications providers reported 7% year-on-year growth in third quarter revenue.
In after-hours trading, Intel shares were up 2.2% to US$42.25, having gained 1.4% during Thursday’s trading session.