Intel soars past Q2 targets and raises outlook for rest of year.
Chip giant Intel has published better-than-expected results for the second quarter of 2017 with profits of $2.8bn on revenues of $14.8bn.
The company also generated $4.7bn in cash from operations and was able to pay dividends of $1.3bn.
CEO Brian Krzanich said Intel is firing on all cylinders and, as well as performing well in traditional core areas such as PCs and data centres, the company is gaining ground in artificial intelligence and autonomous vehicles.
“Q2 was an outstanding quarter with revenue and profits growing double digits over last year,” Krzanich said.
“We also launched new Intel Core, Xeon and memory products that reset the bar for performance leadership, and we’re gaining customer momentum in areas like AI and autonomous driving.
“With industry-leading products and strong first-half results, we’re on a clear path to another record year.”
Planned expansion of Mobileye to be completed in Q3
Revenues in Intel’s Client Computing Group were up 12pc to $8.2bn and revenues in the Data Center Group were up 9pc to $4.4bn.
Intel’s Internet of Things Group saw revenues surge 26pc to $720m for the quarter.
Non-volatile Memory Solutions Group revenues shot up 58pc to $874m, while its Programmable Solutions Group saw revenues dip 5pc to $440m.
The momentum has encouraged Intel to raise its full-year revenue outlook by $1.3bn to $61.3bn.
“We feel great about where we are relative to our three-year plan and heading into the second half. Intel’s transformation continues in the third quarter when we expect to complete our planned acquisition of Mobileye,” said Bob Swan, Intel CFO.
“Based on our strong first-half results and higher expectations for the PC business, we’re raising our full-year revenue and earnings per share forecast.”