Investing.com - Intel (NASDAQ:INTC) reported second-quarter earnings that beat analysts' expectations on Thursday and revenue that topped forecasts, helped by data center chip and high-performance products demand.
Shares moved up 5.5% after the company boosted full-year revenue guidance by $500 million to $69.5 billion. While Intel trimmed its full-year guidance for GAAP earnings to $4.10 a share from $4.14, it boosted its guidance non-GAAP earnings for the year to $4.40 a share from $4.35.
Shares closed down 1.4% in regular trading.
The semiconductor giant reported adjusted earnings of $1.06 a share on revenue of $16.51 billion. Analysts polled by Investing.com had forecast earnings of 89 cents a share and $15.7 billion in revenue. Intel earned an adjusted $1.04 on revenue of $16.96 billion a year ago and 89 cents cents on revenue of $16.06 billion in the first quarter.
The company said its results were boosted by strong sales performances for chips used in data centers and growing demand for higher performance products used in personal computers and related devices. Revenue for its Client Computing Group (basically chips for PCs) was up 1.3% to $8.84 billion, better than the FactSet estimate of $8.13 billion. Its higher-profit Data Center business saw a 10% revenue decline to $4.98 billion, but that also beat the FactSet estimate.
Separately, Intel said it was selling a majority of its smartphone modem business to Apple for about $1 billion. About 2,200 employees will become Apple employees.
Apple (NASDAQ:AAPL) shares were off 0.8% on Thursday. Apple reports fiscal-third-quarter earnings after Tuesday's close.
-- Reuters contributed to this report.