Intel just reported its third quarter earnings after the bell on Tuesday.
It’s a beat on earnings and revenue, but a miss on fourth quarter guidance. Investors aren’t too impressed and Intel’s stock is down ~3.5% in after hours.
Here are the most important numbers:
EPS (GAAP): $0.69 per share vs. $0.67 per share estimated EPS (non-GAAP): $0.80 per share vs. $0.72 per share estimated Revenue: $15.8 billion vs. $15.6 billion estimated (up 9% year-over-year)
Intel reported record-high quarterly revenue, but gave fourth quarter revenue guidance of $15.7 billion, below analyst estimates of $15.86 billion.
Intel’s Client Computing Group, which includes its PC and mobile business, had revenue of $8.9 billion, up 5% year-over-year, while its data center business saw revenue of $4.5 billion, up 10% from a year-ago period.
That 10% growth in the data center is a big jump from last quarter’s 5% year-over-year growth, but still a bit disappointing given that the company’s forecast to record “double-digit” growth for the full year, and would need to grow ~20% in the second half to get there.
Intel also disclosed that the total restructuring cost would reach $2.3 billion in total. Earlier this year, Intel announced the biggest layoffs in history that would eliminate roughly 12,000 jobs.
This is the first earnings report for new CFO Bob Swan, who was hired last month to replace Stacy Smith. Swan was previously a partner at General Atlantic and eBay. Smith is now overseeing the company’s sales, manufacturing and operations.