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Intel posts second-quarter net income of $2.9 billion

Posted on Wednesday, July 20 2016 @ 23:55:41 CEST by


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Intel announced its second-quarter sales hit $13.5 billion, up 3-percent year-over-year, while adjusted net income fell 6 percent to $2.9 billion, or 59 cents per share. GAAP net income was significantly lower at $1.3 billion, down 51 percent versus the year before, primarily due to a huge restructuring charge. Revenue missed analyst estimates of $13.56 billion whereas the earnings per share is a beat versus the expected level of 54 cents a share. For the current quarter, Intel expects revenue of $14.9 billion, plus or minus $500 million.

The earnings report mentions that desktop platform volume decreased 7 percent versus the same quarter a year ago, while notebook platform volumes declined 5 percent. Tablet platform volumes on the other hand collapsed by a whopping 49 percent. Data center volume is a bright star, unit volumes of the data center platforms rose 5 percent year-over-year.

Here are the highlights, more can be found in this PDF.
Intel Corporation today reported second-quarter GAAP revenue of $13.5 billion, operating income of $1.3 billion, net income of $1.3 billion and EPS of 27 cents. Intel reported non-GAAP operating income of $3.2 billion, net income of $2.9 billion and EPS of 59 cents. The company generated approximately $3.8 billion in cash from operations, paid dividends of $1.2 billion, and used $804 million to repurchase 26 million shares of stock.

“Second-quarter revenue matched our outlook and profitability was better than we expected," said Brian Krzanich, Intel CEO. "In addition, our restructuring initiative to accelerate Intel’s transformation is solidly on-track. We're gaining momentum heading into the second half. While we remain cautious on the PC market, we’re forecasting growth in 2016 built on strength in data center, the Internet of Things and programmable solutions.” Q2 Key Business Unit Trends
  • Client Computing Group revenue of $7.3 billion, down 3 percent sequentially and down 3 percent year-over-year
  • Data Center Group revenue of $4.0 billion, up 1 percent sequentially and up 5 percent year-over-year
  • Internet of Things Group revenue of $572 million, down 12 percent sequentially and up 2 percent year-over-year
  • Non-Volatile Memory Solutions Group revenue of $554 million, down 1 percent sequentially and down 20 percent year-over-year
  • Intel Security Group revenue of $537 million, flat sequentially and up 10 percent year-over-year
  • Programmable Solutions Group revenue of $465 million, up 30 percent sequentially. Note the comparable period did not include $99 million of revenue as a result of acquisition-related adjustments.




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