Intel Beats but Guides Lower
Intel (INTC) reported 3rd Quarter September 2021 earnings of $1.71 per share on revenue of $19.2 billion. The consensus earnings estimate was $1.11 per share. The Earnings Whisper number was $1.18 per share. Revenue grew 4.7% on a year-over-year basis.
The company said it expects fourth quarter earnings of approximately $0.90 per share on revenue of approximately $18.30 billion. The current consensus earnings estimate is $1.02 per share on revenue of $18.25 billion for the quarter ending December 31, 2021.
Intel Corporation is a semiconductor chip maker. It develops integrated digital technology products like integrated circuits, for industries such as computing and communications.
Intel Reports Third-Quarter 2021 Financial Results
Third-quarter GAAP revenue of $19.2 billion, up 5% year over year (YoY), and non-GAAP revenue of $18.1 billion, up 5% YoY. Achieved all-time record revenue in Intel's Internet of Things Group (IOTG) and record third-quarter revenue in the Data Center Group (DCG) and Mobileye businesses.
Third-quarter GAAP earnings-per-share (EPS) was $1.67; non-GAAP EPS was $1.71, which exceeded July guidance by $0.61. Exceeded July guidance for EPS and gross margin.
Raising full-year 2021 EPS and gross margin guidance. Now expecting GAAP EPS of $4.50 and non-GAAP EPS of $5.28 and GAAP gross margin of 55% and non-GAAP gross margin of 57%1.
Intel CFO George Davis announced plans to retire in May 2022.
SANTA CLARA, Calif., October 21, 2021 -- Intel Corporation today reported third-quarter 2021 financial results.
“Q3 shone an even greater spotlight on the global demand for semiconductors, where Intel has the unique breadth and scale to lead. Our focus on execution continued as we started delivering on our IDM 2.0 commitments. We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade. We also announced major customer wins across every part of our business,” said Pat Gelsinger, Intel CEO. “We are still in the early stages of our journey, but I see the enormous opportunity ahead, and I couldn’t be prouder of the progress we are making towards that opportunity.”
For the full earnings release, please go here.