Intel_logo_Ronler_Acres.JPG
Intel has more than 17,000 employees in Oregon, more than any other business. Its Ronler Acres campus in Hillsboro (above) is home to the company's most advanced research.
(The Assoicated Press)
Intel sales jumped nearly 8 percent in the most recent quarter, the company's strongest year-over-year growth since the fourth quarter of 2011.
The world's largest chipmaker says it now expects revenue to grow 5 percent this year, reversing an earlier forecast that sales would be roughly flat in 2014.
Second-quarter revenue was $13.8 billion, according to financial results issued Tuesday afternoon. That's just above Wall Street forecasts and beat the revised forecast Intel issued in June, when the company announced improving PC sales would boost its results beyond the company's prior expectations.
Profits totaled $2.8 billion, or 55 cents a share. Wall Street analysts had been forecasting profits of roughly 52 cents a share.
Intel's stock was already at its highest point in more than a decade, reflecting investors' renewed enthusiasm for the company's prospects. Shares closed up 22 cents Tuesday at $31.71, then rose another 3 percent in after-hours trading following the earnings release.
"Our second-quarter results showed the strength of our strategy to extend the reach of Intel technology from the data center to PCs to the Internet of Things," chief executive Brian Krzanich said in a written statement.
Intel's headquarters are in Santa Clara, Calif., but the company's largest and most advanced operations are in Washington County. Intel employs more than 17,000 in Oregon, a larger number than any other business.
Other highlights from the second-quarter results:
- Sales in the PC group were up 6 percent annually, defying predictions of the PC's demise. However, analysts have suggested that much of the second-quarter boost reflect one-time sales to buyers upgrading as Microsoft stopped supporting its Windows XP operating system.
- Data center revenue was up 19 percent from the second quarter last year.
- Sales in Intel's "Internet of Things" group climbed 24 percent.
- Intel's mobile and communications group dropped 83 percent.
-- Mike Rogoway; twitter: @rogoway; 503-294-7699