Intel expects higher revenue on improving PC demand
NEW YORK (AP) — Intel said Friday that it sees signs of improving demand for personal computers, and the chipmaker now expects to make more revenue in the current quarter than it previously expected.
The Santa Clara, California, company has been hurt by slowing sales of personal computers that use its chips. In April, the company said it would cut 12,000 jobs as it reorganizes its business. Intel has been trying to grow other segments, such as its data center management unit.
On Friday, Intel said it now expects third-quarter revenue of $15.6 billion, plus or minus $300 million. It previously expected revenue of $14.9 billion, plus or minus $500 million. Wall Street analysts expected revenue of $14.9 billion, according to FactSet.
Shares of Intel Corp. rose 82 cents, or 2.2 percent, to $37.38 in afternoon trading Friday. Intel shares are up more than 25 percent over the past year.