Intel (INTC) reported its Q2 earnings after the bell on Thursday that beat analysts’ expectations on the top and bottom line. Here are the important numbers from the report:
The is the first quarterly report since CEO Bob Swan slashed Intel's quarterly and full-year guidance in Q1. Swan said he was impressed with the company’s performance, and revised Intel’s full-year guidance, raising it by $500 million compared to the Q1. “Based on our outperformance in the quarter, we’re raising our full-year guidance,” he said in a statement. “Intel’s ambitions are as big as ever, our collection of assets is unrivaled, and our transformation continues.” The report also comes after Swan revealed that Intel is offloading its mobile modem division. In an interview with Yahoo Finance Editor-in-Chief Andy Serwer, Swan explained that the company didn't see a way to profitability for the business. Intel is selling the division to Apple (AAPL) for as much as $1 billion. The move will bring modem development in-house at Apple, something the company has been focusing more on for its smartphone division. Apple already uses its own processors to power the iPhone, including the A12 Bionic chip found in the iPhone XS, XS Max, and XR. Intel’s own Data-centric division, which includes its data centers group, programmable solutions group, memory business, and internet of things group, saw steep declines for the second quarter in a row. Overall, the division was down 7% year-over-year, with the data center group taking a 10% year-over-year hit. More from Dan:
Email Daniel Howley at [email protected]; follow him on Twitter at @DanielHowley. Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn,YouTube, and reddit.
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