NEW YORK (AFP) – Computer chip giant Intel reported a jump in quarterly profits Tuesday, as its newly diversified product lineup lifted revenues to record highs.
The California tech giant said its net profit for the third quarter rose 12 per cent from a year earlier to $3.3 billion, while revenues rose eight per cent to a record $14.6 billion. Both figures topped analyst forecasts.
“We are pleased by the progress the company is making,” said Intel chief executive Brian Krzanich.
“We achieved our best-ever revenue and strong profits in the third quarter. There is more to do, but our results give us confidence that we’re successfully executing our strategy of extending our products across a broad range of exciting new markets.”
Intel, the longtime leader in semiconductors for personal computers, has been shifting its focus to mobile devices and connected objects, including a recently announced heart monitor which is incorporated in audio headphones.
The chip giant has also been helped by a steadier PC market, which is showing signs of stabilising after big drops in 2013.
Intel’s PC division delivered revenues of $9.2 billion, up nine per cent year-over-year, while its cloud services showed 16 per cent growth, at $3.7 billion. Revenues linked to the so-called Internet of Things Group was up 14 per cent at $530 million.
Intel shares rose 0.8 per cent to $32.46 in after-hours electronic trades after the earnings report.