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Oct 26, 2017

Intel raises full-year revenue, profit forecast from strong cloud growth

Chipmaker Intel raises full-year outlook after strong Q3 results

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Intel Corp, the world's largest computer chipmaker, raised its full-year revenue and profit forecast, helped by strong growth in its data center and cloud computing business.

For the full year, the company said it expects to earn US$2.93 per share on revenue of US$62 billion.

Revenue from Intel's higher-margin data center business rose 7 per cent to US$4.9 billion in the third quarter, beating analysts' expectation of US$4.79 billion, according to financial data and analytics firm FactSet.

Intel, which has been switching its focus to the data center business, is also venturing into newer areas such as artificial intelligence and driverless cars to reduce its reliance on the traditional PC market.

The company's net income rose to US$4.52 billion, or 94 cents per share, in the third quarter ended Sept. 30, from US$3.38 billion, or 69 cents per share, a year earlier.

Excluding items, the company earned US$1.01 cents per share, beating analysts' estimate of 80 cents per share.

Revenue rose 2.4 per cent to US$16.15 billion, beating estimates of US$15.73 billion.