Intel Corp. (NASDAQ: INTC) reported third-quarter financial results after markets closed Thursday. The firm said that it had $1.11 in earnings per share (EPS) and $18.33 billion in revenue, compared with consensus estimates that called for $1.10 in EPS and $18.22 billion in revenue. The same period from last year had $1.42 in EPS and $19.19 billion in revenue.
Intel achieved solid third-quarter revenue with data-centric revenue declining 10% and PC-centric revenue increasing 1% year over year. These results were driven by continued strength in notebook sales, which helped offset COVID-driven headwinds affecting significant portions of our business.
In terms of the specifics, DCG revenue grew 15% year over year, to $5.9 billion. As a part of this, Internet of Things Group revenue was down 26% to $911 million and Mobileye revenue increased 2% year over year to $234 million.
Intel’s memory business posted another solid quarter with revenues decreasing nearly 11% to $1.15 billion. PSG’s second-quarter revenue was down 19% to $411 million.
The PC-centric business was up 1% to $9.85 billion, driven by continued notebook strength to support the work- and learn-at-home dynamics of COVID-19.
On the books, cash, cash equivalents, and short-term investments totaled $6.34 billion at the end of the quarter, versus $5.28 billion at the end of the previous fiscal year.
Looking ahead to the fourth quarter, the company expects to see EPS of $1.10 and revenue of $17.4 billion. Consensus estimates are calling for $1.06 in EPS and $17.34 billion in revenue for the coming quarter.
Shares of Intel closed Thursday at $53.90, with a 52-week range of $43.63 to $69.29. The consensus analyst price target is $56.59. Following the announcement, the stock traded down over 9% at $48.95 in the after-hours session.
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