Business in Tech

Intel Revenue Up 9 Percent Year-Over-Year But Misses Fourth Quarter Guidance And Stock Down About 3 Percent

It’s been somewhat good for tech companies since the earnings season started but Intel earnings were in line with expectations but missed on fourth quarter guidance which saw its shares fall about 3 percent after the bell on Tuesday.

In its third quarter earnings which you can find here, recorded a $15.8 billion vs. $15.6 billion estimated (up 9% year-over-year) in revenue.

Intel’s Client Computing group which is made up of it PC and mobile units saw a revenue of $8.9b which is up 5 percent year-on-year while its data centre business revenue was up 10 percent from the same period last year at $4.5b. That growth according to Business Insider is still a bit disappointing given that the company’s forecast to record “double-digit” growth for the full year, and would need to grow ~20% in the second half to get there.

Intel CEO Brian Krzanich said the company is sesing some serious growth from its move into Cloud services. In his words, “We’re executing well, and these results show Intel’s continuing transformation to a company that powers the cloud and billions of smart, connected devices,”