Intel raised its 2021 outlook as PC demand boosted its client computing group sales and Internet of things, enterprise and Mobileye showed strong growth.
The semiconductor giant reported second quarter net income of $5.1 billion, or $1.24 a share, on revenue of $19.6 billion. Intel reported non-GAAP second quarter earnings of $1.28 a share on non-GAAP revenue of $18.5 billion.
Wall Street was expecting Intel to report second quarter revenue of $17.8 billion with non-GAAP earnings of $1.06 a share.
For 2021, Intel is projecting GAAP revenue of $77.6 billion and non-GAAP revenue of $73.5 billion with non-GAAP earnings of $4.80 a share. For the third quarter, Intel is projecting revenue of $18.2 billion with earnings of $1.10 a share. Both projections are non-GAAP and ahead of expectations.
CEO Pat Gelsinger said the semiconductor industry is surging due to the “digitization of everything.” Gelsinger added that the industry has a decade of sustained growth ahead.
Second quarter events for Intel include:
In the second quarter, Intel said its PC platform volumes were up 33% from a year ago. Intel saw strong gains in notebook and desktop processors. In the data center group, Intel saw strength in enterprise and government demand.
Intel has also outlined plans to boost its manufacturing in the US with a $3.5 billion investment in its New Mexico operations.