Intel Corp (NASDAQ:INTC) reported financial results for the second quarter after the market close on Thursday. Here’s a rundown of the chipmaker’s report.
Check out the current price of INTC stock here.
Q2 Earnings: Intel reported second-quarter revenue of $12.86 billion, beating analyst estimates of $11.91 billion. The chipmaker reported a second-quarter adjusted loss of 10 cents per share, missing analyst estimates for earnings of one cent per share, according to Benzinga Pro.
Total revenue growth in the second quarter was flat on a year-over-year basis. Here's a breakdown of revenue by category.
- Client Computing Group: $7.9 billion, down 3% year-over-year
- Data Center and AI: $3.9 billion, up 4% year-over-year
- All Other: $1.1 billion, up 20% year-over-year
- Total Intel Products: $11.8 billion, down 1% year-over-year
- Intel Foundry: $4.4 billion, up 3% year-over-year
Intel generated $2.1 billion in cash from operations during the quarter. The company ended the period with approximately $9.64 billion in cash and cash equivalents.
“Our operating performance demonstrates the initial progress we are making to improve our execution and drive greater efficiency. We are laser-focused on strengthening our core product portfolio and our AI roadmap to better serve customers,” said Lip-Bu Tan, CEO of Intel.
“We are also taking the actions needed to build a more financially disciplined foundry. It’s going to take time, but we see clear opportunities to enhance our competitive position, improve our profitability and create long-term shareholder value.”
Outlook: Intel expects third-quarter revenue to be in the range of $12.6 billion to $13.6 billion versus estimates of $12.63 billion. The company anticipates a third-quarter loss of 24 cents per share versus estimates for a loss of 18 cents per share.
Intel’s management team will further discuss details from the quarter on an earnings call with investors and analysts at 5 p.m. ET.
INTC Price Action: Intel shares were up 2.34% in after-hours Thursday, trading at $23.16 at the time of publication, according to Benzinga Pro.
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