Intel posted business results for the second quarter of 2020 that were above expectations. The company saw double-digit growth in revenue and income.
Second-quarter revenue of $19.7 billion was up 20 percent compared with the same period in 2019. Data-centric revenue grew 34 percent, accounting for 52 percent of total revenue, while PC-centric revenue grew 7 percent. GAAP earnings-per-share was $1.19, up 29 percent and non-GAAP EPS of $1.23 was up 16 percent.
Year-to-date, Intel generated $17.3 billion cash from operations and $10.6 billion of free cash flow and paid dividends of $2.8 billion. The company expects full-year revenue of $75 billion, GAAP EPS of $4.53 and non-GAAP EPS of $4.85. Intel announced it is accelerating 10nm product transition, while 7nm product transition was delayed versus prior expectations.
“It was an excellent quarter, well above our expectations on the continued strong demand for computing performance to support cloud-delivered services, a work- and learn-at-home environment, and the build-out of 5G networks,“ said Bob Swan, Intel CEO. “In our increasingly digital world, Intel technology is essential to nearly every industry on this planet. We have an incredible opportunity to enrich lives and grow this company with a continued focus on innovation and execution.
Intel achieved record second-quarter revenue with 34 percent data-centric revenue growth and 7 percent PC-centric revenue growth. These results were driven by strong sales of cloud, notebook, memory and 5G products in an environment where digital services and computing performance are essential to how we live, work and stay connected.
Data-centric results were led by strength in the Data Center Group (DCG) with revenue up 43 percent driven by broad strength including 47 percent growth in cloud service provider revenue. The PC-centric business (CCG) was up 7 percent on notebook strength driven by the continued work and learn at home dynamics of COVID-19, which also contributed to a volume decline in desktop form factors as demand shifted to notebooks.
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