Intel shares rise after profits beat expectations
- 15 July 2014
- From the section Business
Shares in chip maker Intel rose 4% after the firm reported profits that beat market expectations.
Intel said profit rose 45% in the second quarter to $2.8bn, driven by stronger-than-expected PC sales to businesses.
In a reversal from prior quarters, sales of PCs - particularly those used by businesses - rose 6%.
Intel also predicted stronger-than-expected revenue growth for the rest of the year.
"It was a good quarter representing financial growth and solid momentum as we approach the second half of the year," said Intel chief financial officer Stacy Smith in a statement.
The boost in PC sales surprised many analysts, although many had predicting that the long global slide in PC sales would slow soon.
A recent report by market-research firm NPD group found that the number of tablet computers shipped in the first three months of 2014 decreased for the first time, to 56 million from 59 million one year ago.