Intel forecast second-quarter revenue above Wall Street expectations, underscoring growing demand for the company’s server processors used for artificial intelligence in data centers.
Shares of Intel rose more than 25 percent at the open on Wall Street today, extending its 81 percent rally so far this year.
The company expects revenue between $13.8 billion and $14.8 billion, compared with an estimate of $13.07 billion, according to data compiled by LSEG.
Intel’s second-quarter adjusted earnings per share forecast of 20 cents easily beat expectations of nine cents per share.
After years of management missteps left the former chipmaking icon without a significant foothold in the booming artificial intelligence industry, CEO Lip-Bu Tan launched a revival plan to shore up Intel’s balance sheet with asset sales and layoffs, according to “Rte“.
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