Intel's fiscal third-quarter revenue reached $18.3 billion, down 4 percent year-over-year as its data-centric revenue declined 10 percent while PC-centric revenue was better than expected, up to one percent YoY, the company said.
However, despite the challenging times, Intel's earnings reported on Thursday were better than analysts had expected.
Its shares dropped just about 10 percent in extended trading on Thursday, CNBC reported.
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"Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business," Intel CEO Bob Swan said in a statement.
Intel said it is expecting five percent top-line growth year-over-year in 2020 with full-year revenue of $75.3 billion.
"Nine months into 2020, we're forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty," the Intel CEO said.
In the third quarter, Intel generated $8.2 billion in cash from operations. Pixabay
"We remain confident in our strategy and the long-term value we'll create as we deliver leadership products and aim to win a share in a diversified market fueled by data and the rise of AI, 5G networks and edge computing."
In the third quarter, the company generated $8.2 billion in cash from operations and paid dividends of $1.4 billion.
Third-quarter revenue was ahead of prior expectations driven by continued strength in notebook sales, which helped offset Covid-driven headwinds affecting significant portions of its business.
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In the Data Centre Group (DCG), Cloud revenue grew 15 percent YoY on continued demand to support vital services in work and learn-at-home environment.
At the same time, a weaker economy due to Covid-19 impacted DCG's Enterprise & Government market segment, which was down 47 percent YoY following two-quarters of more than 30 percent growth.
The pandemic also weighed on third-quarter data-centric results in the Internet of Things Group and the memory business (NSG).
The PC-centric business (CCG) was up one percent YoY in the third quarter on continued notebook strength to support the work- and learn-at-home dynamics of Covid-19.
Intel on Tuesday said it has signed an agreement to sell its NAND memory and storage business to South Korean chipmaker SK Hynix for $9 billion. (IANS)
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