Intel Q3 earnings beats expectations despite Covid, revenue declines 4%

Intel’s fiscal third-quarter revenue reached $18.3 billion, down 4 per cent year-over-year as its data-centric revenue declined 10 per cent while PC-centric revenue was better than expected, up one per cent YoY, the company said.

However, despite the challenging times, Intel’s earnings reported on Thursday were better than analysts had expected.

Its shares dropped just about 10 per cent in extended trading on Thursday, CNBC reported.

“Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business,” Intel CEO Bob Swan said in a statement.

Intel said it is expecting five per cent top-line growth year-over-year in 2020 with full-year revenue of $75.3 billion.