Intel Q3 Results Top Wall Street View

(RTTNews) - Intel Corp. (INTC) Thursday reported a profit and revenues for the third quarter that trumped Wall Street estimates. However, the company's shares tanked 10% in extended trading session.

Santa Clara, California-based Intel reported third-quarter profit of $4.3 billion or $1.02 per share, down 29% from $6.0 billion or $1.35 per share last year.

Adjusted earnings for the quarter were $1.11 per share, down from $1.42 per share last year. On average, 34 analysts polled by Thomson Reuters estimated earnings of $1.10 per share for the quarter.

Intel's revenues for the quarter were down 4% to $18.3 billion from last year's revenue of $19.2 billion. Analysts had a consensus revenue estimate of $18.22 billion for the quarter.

The company said its third-quarter revenues were ahead of prior expectations driven by continued strength in notebook sales, which helped offset COVID-driven headwinds affecting significant portions of business.

Looking forward to the fourth quarter, Intel expects revenues of about $17.4 billion and adjusted earnings of around $1.10 per share. Analysts currently estimate earnings of $1.06 per share and revenues of $17.34 billion.

For the full year 2020, the company expects revenues of around $75.3 billion and adjusted earnings of $4.90 per share. Analysts currently estimate earnings of $4.85 per share and revenues of $75.13 billion.

INTC closed Thursday's trading at $53.90, up $0.40 or 0.75%, on the Nasdaq. The stock, however, dropped $5.40 or 10.02%, in the after-hours trading.