Intel Q2 2021 results beat estimates once again

Intel's second-quarter earnings report has hit the web. The chip giant's sales hit $19.6 billion last quarter, flat year-over-year. On a non-GAAP basis, revenue came in at $18.5 billion, which is 2 percent higher than the year before and $700 million more than Wall Street consensus. Non-GAAP net income was $5.2 billion, 6 percent higher than a year ago, while non-GAAP earnings per share rose 12 percent to $1.28 percent. That's 21 cents per share better than consensus.

Datacenter chip sales did better than expected, despite being down 9 percent year-over-year. Intel's Data Center Group sold $6.5 billion worth of products, over half a billion more than analysts' predictions. Revenue of the Client Computing Group rose 6 percent year-over-year to $10.1 billion.

“There’s never been a more exciting time to be in the semiconductor industry. The digitization of everything continues to accelerate, creating a vast growth opportunity for us and our customers across core and emerging business areas. With our scale and renewed focus on both innovation and execution, we are uniquely positioned to capitalize on this opportunity, which I believe is merely the beginning of what will be a decade of sustained growth across the industry,” said Pat Gelsinger, Intel CEO. “Our second-quarter results show that our momentum is building, our execution is improving, and customers continue to choose us for leadership products.”

Intel's estimates for the current quarter are also higher than consensus. The firm predicts it will pull in non-GAAP revenue of $18.2 billion and $1.10 per share, versus consensus of $18.12 billion and $1.02, respectively.

For the full year, Intel is increasing its non-GAAP revenue guidance to $73.5 billion, versus prior guidance of $72.5 billion. Full-year non-GAAP EPS is expected to hit $4.80.