Solid Performance for Intel in 3Q20
Intel's third-quarter revenue of $18.3 billion was above July expectations, down 4 percent year-over-year (YoY), the company said in a press release. Data-centric revenue declined 10 percent while PC-centric revenue was better than expected, up 1 percent.
Third-quarter GAAP earnings-per-share (EPS) was $1.02, down 25 percent. Non-GAAP EPS of $1.11 was down 22 percent, above July expectations. Year-to-date, generated $25.5 billion cash from operations and $15.1 billion of free cash flow and paid dividends of $4.2 billion.
Intel rose full-year revenue and earnings expectations from July guidance. The company's expecting 5 percent top-line growth YoY in 2020 with full-year revenue of $75.3 billion; GAAP EPS of $4.55 and non-GAAP EPS of $4.90.
"Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business,” said Bob Swan, Intel CEO. “Nine months into 2020, we’re forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty.”