Intel Corp. shares surged in the extended session Thursday after the chip maker posted a surprise profit as PC and data-center sales came in better than expected.
Intel
INTC,
shares surged as much as 7% after hours, following a 0.6% rise to close the regular session at $34.55.
The company reported second-quarter net income of $1.48 billion, or 35 cents a share, versus a loss of $454 million, or 11 cents a share, in the year-ago period.
After adjusting for restructuring charges and other items, Intel reported 13 cents a share, versus net income of 29 cents a share a year ago.
Revenue fell to $12.95 billion from $15.32 billion in the year-ago period, and adjusted gross margins came in at 39.8% .
Intel had forecast an adjusted second-quarter loss of 4 cents a share on revenue of about $11.5 billion to $12.5 billion for the current period, and adjusted gross margins of about 33.2% for the quarter.
Analysts surveyed by FactSet, on average, expected a loss of 4 cents a share on revenue of $12.12 billion.
Intel posted PC group sales of $6.8 billion, data-center sales of $4 billion, network and edge sales of $1.4 billion, and foundry services revenue of $232 million for the quarter.
Analysts expected client computing group, or PC, sales to fall 20.6% to $6.08 billion, data-center AI group sales to fall 18.2% to $3.8 billion, network and edge sales to drop 36.6% to $1.48 billion, and foundry services revenue to rise 22.3% to $149.2 million.
Intel forecast third-quarter earnings of about 20 cents a share on revenue of about $12.9 billion to $13.9 billion and adjusted gross margins of about 43% for the current quarter. Analysts surveyed by FactSet had estimated third-quarter adjusted earnings of 16 cents a share on revenue of $13.22 billion.
This post was originally published on Market Watch
