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Intel pulls in record Q2 revenue of $14.8 billion and is more optimistic

Posted on Thursday, July 27 2017 @ 22:35:32 CEST by

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Intel had another good quarter as the company registered record second-quarter revenue of $14.8 billion, up 14 percent year-over-year thanks to strong growth in its client computing and data-centric segments. Net income came in at $2.8 billion on a GAAP basis and $3.5 billion on a non-GAAP basis. The latter figure is what Wall Street looks like, it's basically a massaged number that filters out all the one-time items and other special circumstances.

Revenue was about $350 million higher than Wall Street estimates and the non-GAAP earnings per share came in at 72 cents, about 4 cents better than analyst consensus.

Client Computing Group revenue was up 12 percent year-over-year and Data Center Group revenue rose 9 percent year-over-year. The Internet of Things Group posted 26 percent year-over-year growth and sales of Intel's Non-Volatile Memory Solutions Group skyrocketed 58 percent. The only lagging division was the Programmable Solutions Group, which saw sales decline 5 percent versus the year ago period.

The good results of the Client Computing unit were driven by notebook solutions. Sales of laptop chips soared 14 percent, while average selling prices rose 6 percent. Desktop platform revenue on the other hand declined 1 percent, while average selling prices also decreased 1 percent. Overall, it doesn't look like AMD's Ryzen is cutting into Intel's sales in a significant way, or at least not yet.

Intel is also more optimistic about its future business prospects. The chip giant raised its full-year revenue outlook by $1.3 billion to $61.3 billion. The projected 2017 non-GAAP EPS is now $3.0, an increase of 15 cents versus the previous guidance.
Intel Corporation today reported second-quarter revenue of $14.8 billion, up 9 percent year-over-year. After adjusting for the Intel Security Group (ISecG) transaction, second-quarter revenue grew 14 percent from a year ago. Operating income was $3.8 billion, up 190 percent year-over-year, and non-GAAP operating income was $4.2 billion, up 30 percent. EPS was $0.58, up 115 percent year-over-year, and non-GAAP EPS was $0.72, up 22 percent.

The company also generated approximately $4.7 billion in cash from operations, paid dividends of $1.3 billion, and used $1.3 billion to repurchase 36 million shares of stock. Intel is raising its full-year revenue outlook by $1.3 billion to $61.3 billion and raising its EPS outlook to $2.66 (GAAP) and $3.00 (non-GAAP), which is a 15 cent increase over the previous guidance.

“Q2 was an outstanding quarter with revenue and profits growing double digits over last year,” said Brian Krzanich, Intel CEO. “We also launched new Intel Core, Xeon and memory products that reset the bar for performance leadership, and we’re gaining customer momentum in areas like AI and autonomous driving. With industry-leading products and strong first-half results, we’re on a clear path to another record year."

“We feel great about where we are relative to our three year plan and heading into the second half. Intel’s transformation continues in the third quarter when we expect to complete our planned acquisition of Mobileye,” said Bob Swan, Intel CFO. “Based on our strong first-half results and higher expectations for the PC business, we’re raising our full-year revenue and EPS forecast.”
INTC business segmentation of results

Intel shares are up 2.83 percent to $35.96 in after-hours trading.



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