Intel reports strong Q2 as CEO search continues
Intel delivered strong second quarter financial results Thursday -- its first quarterly report following the abrupt resignation of chief executive Brian Krzanich last month.
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As for the numbers, the tech giant reported a net income of $5 billion, or $1.05 per share. Non-GAAP earnings were $1.04 per share on revenue of $17 billion, up 15 percent from the year prior.
Wall Street was looking for earnings of 96 cents per share with $16.8 billion in revenue.
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Overall, Intel saw revenue growth across all of its business units. Intel's data center unit rang up $5.5 billion in revenue during the quarter, up 27 percent year over year. The Internet of things business grew at a rate of 22 percent year-over-year to deliver $880 million in revenue.
Collectively, Intel said its data-centric businesses are approaching 50 percent of total revenue. That said, Intel slightly missed analyst targets for its data center group revenue, and its shares were down slightly after hours.
Meanwhile, Intel's client computing group posted revenue of $8.7 billion, up six percent from the previous year, and above consensus for $8.48 billion.
In a statement, Intel CFO and interim CEO Bob Swan said the company is poised to deliver its third straight year of record revenue. As such, Intel is raising its full year guidance and now expects revenue of $69.5 billion and earnings of $4.15 per share.
The company previously issued full-year revenue guidance of $65 billion and earnings of $3.55 per share.
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For the current quarter, Intel expects earnings of $1.15 per share with revenue of $18.1 billion. Analysts on average expect third quarter earnings of $1.08 per share on revenue of $17.7 billion.
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Slides via Intel Investor Relations.