Intel Corp. beat analyst estimates by 21 cents a share in third quarter earnings reported Thursday and its stock hit record highs Friday.
The company reported revenue of $16.15 billion, exceeding th $15.73 billion expected by Thomson Reuters analysts. It had adjusted earnings of $1.01 a share, well over the 80 cents analysts had predicted. Its profit of $4.52 billion rose 34 percent from the same period last year.
The company saw revenue from its high-margin data center business climb 7 percent.
“We executed well in the third quarter with strong results across the business, and we’re on track to a record year,” said Brian Krzanich, Intel CEO, in a statement. “I’m excited about our progress and our future. 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.”
Intel (Nasdaq:INTC) shares have been climbing all week, gaining 14 percent. It shares traded at $43.65, up $2.31 or 5.557 percent in mid-morning action Friday.
Analysts say chip stocks are likely to continue posting gains, driving the tech sector higher through year’s end.
