10/21/2021, 10:03 PM (Source: TeleTrader)
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Intel Q3 revenue misses estimates at $19.2 billion

Intel technology company published its financial results for the third fiscal quarter of 2021 on Thursday and revealed year-on-year revenue growth of 5% to $19.2 billion, slightly missing experts' estimates. The company's net income increased by 60% compared to last year's third quarter bringing in $6.8 billion.

Meanwhile, the corporation's earnings per share performed better than forecasted reaching $1.67 per share, up 64% from the comparable period of last year. Intel also changed its estimates for the full year's EPS, increasing the figure to $4.5 per share. Additionally, it was announced that chief financial officer George Davis will retire effective May 2022.

"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," said Pat Gelsinger, Intel CEO.

Following the report, Intel stocks dropped in the after-hours trading by 6.07% to $52.59 per share at 4:19 pm ET.

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