Intel earnings turns surprise Q2 profit with $12.9B in revenue as AI drives growth
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Intel reported that its second-quarter revenues and profits were above expectations, as the chip giant saw significant growth in AI-related chip sales.
On a non-GAAP basis, Santa Clara, California-based Intel reported net income of $500 million, or 13 cents a share, compared with a profit of $1.1 billion, or 28 cents a share, a year earlier, on revenues of $12.9 billion, down 15% from a year ago for the second quarter ended July 1.
Analysts expect Intel to post a loss per share of 3 cents a share, while revenue was expected to be $12.14 billion. In after-hours trading, Intel’s stock price is up 6.43% at $36.80 a share.
“Our Q2 results exceeded the high end of our guidance as we continue to execute on our strategic priorities, including building momentum with our foundry business and delivering on our product and process roadmaps,” said Pat Gelsinger, Intel CEO, in a statement. “We are also well-positioned to capitalize on the significant growth across the AI continuum by championing an open ecosystem and silicon solutions that optimize performance, cost and security to democratize AI from cloud to enterprise, edge and client.”
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Gelsinger returned to Intel in 2021 as CEO in an attempt to turn Intel around after several hard years of manufacturing delays. Intel also faces heavy competition from Advanced Micro Devices (AMD), which has designed more innovative chips than Intel and gained market share for years now. Gelsinger said Intel is on track to deliver $3
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