{"id":37204,"date":"2017-07-28T06:23:49","date_gmt":"2017-07-28T06:23:49","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=37204"},"modified":"2017-07-28T06:23:49","modified_gmt":"2017-07-28T06:23:49","slug":"intel-lifts-forecasts-as-driverless-tech-ai-add-to-pc-gains","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/intel-lifts-forecasts-as-driverless-tech-ai-add-to-pc-gains.html","title":{"rendered":"Intel lifts forecasts as driverless tech, AI add to PC gains"},"content":{"rendered":"

Intel lifts forecasts as driverless tech, AI add to PC gains<\/span><\/strong><\/span><\/h2>\n

Chipmaker Intel Corp raised its full-year revenue and profit forecasts on higher expectations for its mainstay personal computer business and growth in newer areas such as artificial intelligence and autonomous driving.<\/span><\/p>\n

Shares of the world’s largest chipmaker, which also beat second-quarter estimates, were up 1.3 percent in after-hours trading on Thursday.<\/span><\/p>\n

Intel has been grappling with a declining PC industry it helped found and has been pushing into making chips that power data centers and also into autonomous vehicle technology.<\/span><\/p>\n

The company agreed in March to buy autonomous vehicle technology firm Mobileye NV, thrusting Intel into the forefront of the market.<\/span><\/p>\n

Intel expects to close the Mobileye purchase in the current quarter, several months earlier than expected, Chief Executive Brian Krzanich said on a post-earnings call on Thursday.<\/span><\/p>\n

The company is also benefiting from lower-than-expected declines in personal computer shipments.<\/span><\/p>\n

Worldwide shipments of traditional PCs were down 3.3 percent in the second quarter from a year earlier, slightly better than expectations of a 3.9 percent decline, research firm IDC said this month. (bit.ly\/2vNe2u7)<\/span><\/p>\n

Revenue in Intel’s client computing, the biggest contributor to sales and which supplies chips to PC makers, rose 12 percent to $8.21 billion. Analysts had expected $7.88 billion, according to financial data and analytics firm FactSet.<\/span><\/p>\n

“My biggest takeaway was kind of surprise with how strong the PC side of business was in a market where PC units appear to be declining in the 3 percent to 4 percent range every year,” said Edward Jones analyst Dave Heger.<\/span><\/p>\n

Revenue from the data center business, a focus for the company, rose 9 percent to $4.37 billion, but missed expectation of $4.41 billion, according to FactSet.<\/span><\/p>\n

The company’s Internet of Things business grew 26 percent to $720 million.<\/span><\/p>\n

Intel said it expected full-year adjusted earnings to be $3 per share, plus or minus 5 percent, or $2.85 to $3.15. The new forecast is 15 cents higher than the previous estimate.<\/span><\/p>\n

Intel also increased its full-year revenue forecast by $1.3 billion to $61.3 billion, plus or minus $500 million.<\/span><\/p>\n

Analysts on average were expecting earnings of $2.86 per share and revenue of $60.22 billion, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

On an adjusted basis, Intel earned 72 cents per share in the second quarter, ahead of analysts’ estimate of 68 cents. (bit.ly\/2h6LbO2)<\/span><\/p>\n

Adjusted for certain items, revenue was $14.76 billion, ahead of estimates of $14.41 billion.<\/span><\/p>\n

source:-https:\/\/www.reuters.com\/article\/us-intel-corp-results-idUSKBN1AC33F<\/span><\/p>\n

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