Intel Has Record EPS In Q3

Intel Corporation INTC briefly passed a 52-week high in after-hours trading ahead of the company’s third-quarter earnings release.

The chip provider blew estimates out of the water, delivering third-quarter adjusted EPS of $1.01, beating estimates by 21 cents. Sales were also higher at $16.1 billion, growing 6 percent and topping estimates by $370 million.

Intel raised its fiscal 2017 outlook, raising its EPS estimate by 25 cents to $3.25. The company’s sales estimates were raised by $700 million to $62 billion.

"We executed well in the third quarter with strong results across the business, and we’re on track to a record year,” said CEO Brian Krzanich.

“I’m excited about our progress and our future," said CFO Bob Swan. "Intel’s product line-up is the strongest it has ever been with more innovation on the way for artificial intelligence, autonomous driving and more.” “In the third quarter, we delivered record earnings, exceeded our EPS expectations, and increased our profit expectations for the full year. We feel great about Intel's transformation and where we are nine months into our three year plan.”

Shares of Intel were volatile after the release, trading around $41.45 at time of publication.

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