Intel Corp forecast current-quarter profit and revenue above estimates and raise...
- Intel Corp forecast current-quarter profit and revenue above estimates and raised its full-year revenue forecast on Thursday, allaying concerns about a global semiconductor sales slowdown and curbs on U.S. sales to China’s Huawei Technologies Co Ltd.
Intel’s chief financial officer, George Davis, told Reuters the company had resumed some product sales to Huawei that comply with U.S. regulations. Tariff threats between the United States and China actually helped second-quarter sales by about $400 million, Intel executives said. But it was the company’s forecast that drove up shares, with third-quarter revenue and profit forecast to be $18 billion and $1.24 per share, above analysts’ estimate of $17.72 billion and $1.16 per share.
Intel also said it planned to sell the majority of its modem business to Apple Inc for $1 billion. About 2,200 Intel employees will join Apple, which will acquire a trove of patents under the deal. Revenue from Intel’s higher-margin data center business rose to $4.98 billion, above estimates of $4.89 billion according to FactSet.
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