Intel had warned investors about waning demand in what it called “mature markets,” tamping down expectations for the chip giant before it reported earnings for the third quarter.
But against a backdrop of modest estimates, the Santa Clara, Calif-based firm managed to post profits of $3 billion, or 52 cents a share, sliding past Wall Street’s watered-down forecast. Intel CEO Paul Otellini attributed the solid quarter to healthy demand from corporate customers and growth in emerging markets. Datamation has the story.
Intel managed to top its own downwardly revised estimates in the third quarter, posting a profit of $3 billion, or $0.52 a share, on sales of $11.1 billion.
Analysts surveyed by Thomson Reuters pegged the Santa Clara, Calif.-based semiconductor giant for a profit of $0.50 on sales of $11 billion. However, that consensus estimate was dramatically revised after Intel (NASDAQ: INTC) in August issued a rare warning that sluggish PC demand in “mature markets” would clip third-quarter sales and profits.