However, the company disappointed with its fourth-quarter forecast of $15.7 billion. The company’s stock was down 6 percent at $35.51 at press time.
“Q3 was an outstanding quarter which produced records in a number of product lines and serves as evidence of our transformation to a company that powers the cloud of billions of smart connected devices,” said Intel’s CEO Brian Krzanich in the company’s earnings call yesterday.
In April, Intel had announced layoffs of up to 12,000 as it adjusted to the new world of IoT and the cloud.
Intel’s DCG reported third-quarter revenues of $4.5 billion, up from 13 percent from second-quarter and up 10 percent year-over-year. Sales for its IoT group were $689 million, up 19 percent year-over-year.
Overall, the company reported third-quarter GAAP revenue of $15.8 billion, up 9 percent from $14.5 billion in the same quarter last year.
Net income was $3.4 billion, or 69 cents per share, up 9 percent from last year’s $3.1 billion, or 64 cents per share.
Earnings call transcript provided by Seeking Alpha.