Wednesday July 20, 2016

Intel Revenue Misses Estimates

Intel reported lower-than-expected second quarter revenue of $13.53 billion today. Wall Street was expecting $13.54 billion. The company's earnings per share came in at 59 cents, which was higher than analysts’ estimates of 53 cents.

Intel Corp reported lower-than-expected quarterly revenue as strong sales of its microchips that power data centers failed to offset a prolonged slump in demand for PC chips. Shares of the world's largest chipmaker fell nearly 3 percent in after-hours trading. Sales from Intel's traditional PC business, which also includes chips for mobile phones and tablets, declined 3 percent to $7.3 billion in the second quarter. In contrast, global PC shipments fell less than expected in the quarter, according to research firm IDC.