Intel Corp (NASDAQ:INTC) on Thursday reported better-than-expected second-quarter financial results.
Intel posted second-quarter revenue of $16.13 billion, beating analyst estimates of $14.42 billion. The company reported second-quarter adjusted earnings of 42 cents per share, doubling estimates of 21 cents per share, according to Benzinga Pro.
“AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network,” said Lip-Bu Tan, CEO of Intel.
Intel expects third-quarter revenue to be in the range of $15.8 billion to $16.8 billion versus estimates of $15.01 billion. The company anticipates third-quarter adjusted earnings of 38 cents per share versus estimates of 24 cents per share.
Intel shares gained 1.7% to $103.00 in pre-market trading.
These analysts made changes to their price targets on Intel following earnings announcement.
- Mizuho analyst Vijay Rakesh maintained the stock with a Neutral and lowered the price target from $135 to $109.
- Wells Fargo analyst Aaron Rakers maintained the stock with an Equal-Weight rating and raised the price target from $110 to $120.
Considering buying INTC stock? Here’s what analysts think:
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