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Intel shares spiked 10% on Thursday as Wall Street caught wind of a major beat across the board in the company's first quarter earnings.
Revenues were up 9% from the year before, thanks in part to major gains in Intel's data-center business. Data products grew 25% from the year before, and ultimately made up a full 49% of the company's quarterly revenue.
Intel's PC business brought in $8.2 billion in revenue, up 3% from the year before.
"The strength of Intel’s business underscores my confidence in our strategy and the unrelenting demand for compute performance fueled by the growth of data," CEO Brian Krzanich said in a statement.
Here's what Intel reported:
- Revenue (GAAP) for the quarter was $16.1 billion, up 9% from the year before. Analysts expected $15.05 billion.
- Earnings per share (adjusted) for the quarter were $0.87, up 32% from the year before. Analysts expected $0.72.
- Q2 revenue guidance (GAAP) is $16.3 billion. Analysts expected $15.55 billion.
- Q2 earnings per share guidance (adjusted) is $0.85. Analysts expected $0.81.
- 2018 revenue guidance (GAAP) is $67.5 billion. Analysts expected $65.06 billion.
- 2018 earnings per share guidance (adjusted) is $3.85. Analysts expected $3.56.
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