Intel (INTC) Jumps as Earnings, Outlook Don't Disappoint
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Shares of Intel (Nasdaq: INTC) are up more than 5% in this evening's after-hours session following its highly-anticipated Q3 earnings report. The stock most recently traded at $21.49.
The tech-bellweather reported quarterly earnings of $0.33, 6 cents better than analysts had been looking for, but down 5.7% from the $0.35 reported in the same quarter last year. Sales for Q3 came in at $9.39 billion, versus the Street consensus of $9.02 billion and down 8.1% from $10.22 billion reported in Q308. Also, Intel reported quarterly gross margin, a very important metric for any tech company, of 57.6%.
On the guidance end, Intel sees Q4 sales of $10.1 billion plus or minus $400 million, with gross margin of 62%, plus or minus 3%. The Street is currently looking for Q4 sales of $9.51 billion.
CEO Paul Otellini stated, "Intel's strong third-quarter results underscore that computing is essential to people's lives, proving the importance of technology innovation in leading an economic recovery. This momentum in the current economic climate, plus our product leadership, gives us confidence about our business prospects going forward. As we look ahead, Intel's game-changing 32nm process technology will usher in another wave of innovation from new, powerful Intel(R) Xeon(TM) server platforms to high-performance Intel(R) Core(TM) processors to low-power Intel(R) Atom(TM) processors."
UPDATE: Click here to see some highlights from Intel's Q3 conference call.
The tech-bellweather reported quarterly earnings of $0.33, 6 cents better than analysts had been looking for, but down 5.7% from the $0.35 reported in the same quarter last year. Sales for Q3 came in at $9.39 billion, versus the Street consensus of $9.02 billion and down 8.1% from $10.22 billion reported in Q308. Also, Intel reported quarterly gross margin, a very important metric for any tech company, of 57.6%.
On the guidance end, Intel sees Q4 sales of $10.1 billion plus or minus $400 million, with gross margin of 62%, plus or minus 3%. The Street is currently looking for Q4 sales of $9.51 billion.
CEO Paul Otellini stated, "Intel's strong third-quarter results underscore that computing is essential to people's lives, proving the importance of technology innovation in leading an economic recovery. This momentum in the current economic climate, plus our product leadership, gives us confidence about our business prospects going forward. As we look ahead, Intel's game-changing 32nm process technology will usher in another wave of innovation from new, powerful Intel(R) Xeon(TM) server platforms to high-performance Intel(R) Core(TM) processors to low-power Intel(R) Atom(TM) processors."
UPDATE: Click here to see some highlights from Intel's Q3 conference call.
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