The semiconductor giant reported second quarter net income of $5.1 billion, or $1.24 a share, on revenue of $19.6 billion. Intel reported non-GAAP second quarter earnings of $1.28 a share on non-GAAP revenue of $18.5 billion. Wall Street was expecting Intel to report second quarter revenue of $17.8 billion with non-GAAP earnings of $1.06 a share. For 2021, Intel is projecting GAAP revenue of $77.6 billion and non-GAAP revenue of $73.5 billion with non-GAAP earnings of $4.80 a share. For the third quarter, Intel is projecting revenue of $18.2 billion with earnings of $1.10 a share. Both projections are non-GAAP and ahead of expectations. CEO Pat Gelsinger said the semiconductor industry is surging due to the “digitization of everything.” Gelsinger added that the industry has a decade of sustained growth ahead. On a conference call, Gelsinger said: Second quarter events for Intel include:
Intel touts focus on HPC and AI with Sapphire Rapids to offer high bandwidth memoryIntel forms Accelerated Computing, Software business unitsComputex 2021: Intel announces 11th-gen Intel Core mobile processors, first 5G M.2 solution, and moreQuantum computing: Intel’s cryogenic chip shows it can control qubits even in a deep freezeIntel boasts i9 Tiger Lake-H is the fastest single-threaded laptop processorIntel to invest $3.5B to expand manufacturing in New MexicoIntel launches third-gen Intel Xeon Scalable processor for data centers
In the second quarter, Intel said its PC platform volumes were up 33% from a year ago. Intel saw strong gains in notebook and desktop processors. In the data center group, Intel saw strength in enterprise and government demand. Gelsinger said demand for semiconductors is surging in the data center and cloud due to AI applications as well as data demand. He also talked up Intel’s efforts to expand its foundry business. Intel has also outlined plans to boost its manufacturing in the US with a $3.5 billion investment in its New Mexico operations.
