October 22, 2021
Intel beat market expectations in its third-quarter results on Thursday thanks to massive leaps in its Internet of Things Group (IOTG), Data Center Group (DCG), and Mobileye businesses.
While analysts had expected a profit of $1.11 billion on revenue of $18.24 billion, Intel posted non-GAAP earnings per share of $1.71 on GAAP revenue of $19.2 billion, a jump of 5% from a year earlier.
Looking at the areas where Intel’s businesses have leapt, Data Centre Group’s revenue rose 10% in the third quarter to $6.5 billion, and corporate and government revenue rose 70%. The company’s Internet of Things Group reported a 54% year-over-year increase in revenue to $1 billion, and Mobileye earned $326 million, a 39% year-over-year increase.
Commenting on the company’s third quarter report, CEO Pat Gelsinger said, “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. 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 more information, read the original story in ZDNet.
