Intel’s Q3 earnings came in at $0.58, beating analysts’ estimates of $0.50.They were still down from $0.65 for the same period one year ago.
The stock is down more than -1 per cent after hours.
Revenue came in at $13.5 billion, above estimates of $13.23 billion below last year’s $14.23 billion.
The company announced it paid dividends of $1.1 billion and used $1.2 billion to repurchase stock.
“Our third-quarter results reflected a continuing tough economic environment,” said Paul Otellini, Intel president and CEO, adding, “we’re pleased with the continued progress in Ultrabooks and phones and excited about the range of Intel-based tablets coming to market.”
Here’s how Intel reported their results:
- PC Client Group revenue stood at $8.6 billion, flat sequentially and down 8 per cent year-over-year
- Data centre Group revenue hit $2.7 billion, down 5 per cent sequentially and up 6 per cent year-over-year
Projections had been much gloomier.
Intel cut its year-end forecast this summer.
“Indeed, PC makers are reducing orders for chips at a time of the year when they normally buy more ahead of the holiday season,” Canaccord’s David Evanson wrote last week.
Business Insider Emails & Alerts
Site highlights each day to your inbox.