Intel Raises Outlook
Intel is a bellwether for the tech sector; as goes Intel, so goes the industry. So if the company raises its third-quarter revenue forecast because of stronger-than-expected demand for its microprocessors and chipsets, as it did today, then the industry may truly be stabilizing.
For the quarter, Intel (INTC) had been expecting revenue in the range of $8.1 billion to $8.9 billion. Now the company expects revenue to range between $8.8 billion to $9.2 billion. Analysts polled by Thomson Reuters had been forecasting $8.55 billion. Welcome news for tech’s long-suffering investors, which spiked the company’s shares more than four percent to $20.25 in early-morning trading.
Intel is next scheduled to report financials on Oct. 13.