Intel Raises Outlook, Sending Shares Higher
October 24 2019 - 5:01PM
Dow Jones News
By Sarah E. Needleman
Intel Corp. posted a drop in third-quarter earnings, but for a
second period in a row raised its full-year outlook helping ease
investor concerns over chip supplies and softening demand.
Shares of the chip maker jumped more than 7% in after-market
trading.
Intel on Thursday reported adjusted earnings of $1.35 a share,
compared with $1.40 for the year-prior period. Analysts surveyed by
FactSet were expecting earnings of $1.23 a share.
Third-quarter sales for the Santa Clara, Calif., company rose to
$19.19 billion from $19.16 billion, also topping expectations.
Intel, the largest chip maker in the U.S. by revenue, said it
expects $19.2 billion in sales in the current quarter. That outlook
could help investors overcome broader concerns that technology
spending by large businesses is slowing.
Texas Instruments Inc. this week gave muted guidance for the
current quarter, saying customers were more cautious.
"We now expect to deliver a fourth record year in a row," Intel
Chief Executive Bob Swan said in a statement.
The company said it raised its full-year revenue outlook by $1.5
billion to $71 billion. It also boosted its full-year earnings
outlook to $4.60 a share from $4.40.
Write to Sarah E. Needleman at sarah.needleman@wsj.com
(END) Dow Jones Newswires
October 24, 2019 16:46 ET (20:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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