Intel Corporation reported record third-quarter financial results with the earnings of $4.5 billion on revenue of $16.1 billion, up 2% from a year ago.
Intel said that data center, IoT and memory businesses were the key factors behind the strong growth, with revenues of IoT up 23% to $849 million, memory products growing 37% to $891 million, and data center revenues up 7% to $4.9 billion. While Client Computing Group’s earnings remained flat.
“We executed well in the third quarter with strong results across the business, and we’re on track to a record year,” said Brian Krzanich, Intel CEO. “I’m excited about our progress and our future. Intel’s product line-up is the strongest it has ever been with more innovation on the way for artificial intelligence, autonomous driving and more.”
Intel generated approximately $6.3 billion cash from operations, and paid $1.3 billion for dividends. The company said that it repurchased 31 million shares of stock for $1.1 billion.
“In the third quarter, we delivered record earnings, exceeded our EPS expectations, and increased our profit expectations for the full year,” said Bob Swan, Intel CFO. “We feel great about Intel’s transformation and where we are nine months into our three year plan.”
Intel is also venturing into artificial intelligence and driverless cars, and had acquired Mobileye.N, the Israeli vehicle technology firm, in August this year.
Intel will report its 4th quarter earnings of 2017 on 25th January, 2018.