Intel Corporation (NASDAQ: INTC) announced third quarter 2020 financial results. Third quarter revenue amounted to USD 18.3 Million while data-centric revenue fell 10%. GAAP earnings per share reached USD 1.02, a 25% shortfall year over year. Year to date the company generated USD 25.5 Billion cash from operations and a current total of USD 15.1 Billion of free cash flow with paid dividends of USD 4.2 Billion. Intel has raised full year revenue and earnings expectations from its previous guidance in July. The company expects 5% top line growth year over year in 2020 with full year revenue of USD 75.3 Billion and a GAAP EPS of USD 4.55 and non-GAAP EPS of USD 4.90.
“Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business,” said Bob Swan, Intel CEO. “Nine months into 2020, we’re forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty. We remain confident in our strategy and the long-term value we’ll create as we deliver leadership products and aim to win share in a diversified market fueled by data and the rise of AI, 5G networks and edge computing.”
Previously in August, Intel had started its share repurchase agreements for USD 10 Billion of its common stock.