Intel Corporation posted an impressive third-quarter result while shining a greater spotlight on the global demand for semiconductors, according to a report by Intel on Thursday.
- The third-quarter revenue of Intel Corporation increased by 5% year-over-year to hit $19.2 billion as non-GAAP revenue rose by 5% YoY to $18.1 billion.
- The revenues were backed by a strong recovery in the Enterprise component of DCG and in IOTG that saw higher demand amid recovery from the economic effects of the COVID-19 pandemic.
- But, the Client Computing Group (CCG) was down due to reduced notebook volumes resulting from industry-wide component shortages and on lower adjacent revenue, partially offset by higher average selling prices.
- For the full year 2021, the company upgraded its EPS and gross margin guidance, expecting GAAP EPS of $4.50 and non-GAAP EPS of $5.28 and GAAP gross margin of 55%, and non-GAAP gross margin of 57%.
Intel CFO George Davis disclosed plans to retire in May 2022. But, he will continue to serve in his current position while the company searches for a new CFO. INTC down -10.14% on Pre-market trading