Intel Reports Profit Surge But Warns of Further Delays on Advanced Chips
24 July 2020 - 7:08AM
Dow Jones News
By Asa Fitch
Intel Corp. reported stronger earnings in the second quarter,
buttressed by a work-from-home economy that has spurred demand for
computing power, but it signaled a delay in its development of
superfast chips that sent its shares tumbling in after-hours
trading.
Intel said Thursday its profit in the April-June period rose 22%
from a year ago to $5.11 billion. Earnings per share were $1.19,
rising from 92 cents a share last year and exceeding forecasts from
analysts surveyed by FactSet. On an adjusted basis, EPS also rose
to $1.23.
Second-quarter revenue rose more than 19% from a year earlier to
$19.73 billion, coming in ahead of analysts' estimates.
But Intel revealed further delays in its seven-nanometer chip
technology that underlies future generations of CPUs. The products
are now expected to be delivered 12 months behind what the company
initially envisioned, it said.
Shares fell more than 8% in after-hours trading.
Write to Asa Fitch at asa.fitch@wsj.com
(END) Dow Jones Newswires
July 23, 2020 16:53 ET (20:53 GMT)
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