Intel gives upbeat forecast for fourth-quarter sales

Intel gave an upbeat forecast for fourth-quarter sales and profit, indicating demand for semiconductors that power cloud-computing data centres is improving even as the trade dispute between the US and China drags on.

Revenue in the current period will be about $19.2 billion (€17.3 billion), and net income will be about $1.28 a share, Intel said on Thursday in a statement. That compares with average analysts’ estimates of $18.9 billion and $1.16 a share.

Shares climbed about 8 per cent in late trading on the bullish outlook.

Server chips

While Intel’s peers are reporting increasing difficulties amid the China-US trade standoff, the company is benefiting from booming demand for the lucrative server chips that run giant data centres. Revenue is also being buoyed by a steadier memory-chip market and continued strong growth in the automotive unit.

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Intel shares jumped as high as $56.59 in extended trading following the report. The stock had earlier closed at $52.23 in New York trading. Shares have gained 11 per cent this year.

Intel employs some 4,500 in Leixlip, Co Kildare, and could add a further 1,600 to this if it gets the go-ahead from planners for a new manufacturing facility there. – Bloomberg