China to Remove US Chips from Networks
The tech war between China and the US continues with bans. Chinese officials ordered operators to remove foreign chips from their networks by 2027.
Intel Corporation today reported third-quarter GAAP revenue of $15.8 billion, operating income of $4.5 billion, net income of $3.4 billion and EPS of 69 cents. Intel reported non-GAAP operating income of $5.1 billion, net income of $3.9 billion and EPS of 80 cents. The company generated approximately $5.8 billion in cash from operations, paid dividends of $1.2 billion, and used $457 million to repurchase 13 million shares of stock.
“It was an outstanding quarter, and we set a number of new records across the business. In addition to strong financials, we delivered exciting new technologies while continuing to align our people and products to our strategy. We’re executing well, and these results show Intel’s continuing transformation to a company that powers the cloud and billions of smart, connected devices.", said Brian Krzanich, Intel CEO.
Client Computing Group racked in revenue of $8.9 billion, up 21 percent sequentially and up 5 percent year-over-year. Data Center Groupracked in revenue of $4.5 billion, up 13 percent sequentially and up 10 percent year-over-year. Internet of Things Group racked in revenue of $689 million, up 20 percent sequentially and up 19 percent year-over-year. Non-Volatile Memory Solutions Group racked in revenue of $649 million, up 17 percent sequentially and down 1 percent year-over-year. Intel Security Group racked in revenue of $537 million, flat sequentially and up 6 percent year-over-year. Programmable Solutions Group racked in revenue of $425 million, down 9 percent sequentially.
The acquisition of Altera was completed in early fiscal year 2016. As a result of the Altera acquisition, Intel has acquisition-related charges that are primarily non-cash.
Total Restructuring and Other charges are now expected to be $2.3 billion, with the majority of the remaining charges to be realized between now and the middle of 2017. Approximately $1.8 billion has been realized to-date and another $250 million is expected in Q4 2016.
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