Intel reported a 9.1 percent rise in quarterly revenue, helped by improving PC demand and growth in its data center and cloud businesses. The chipmaker said it expects fourth-quarter revenue to be $15.7 billion, plus or minus $500 million.
Revenue from the data center business, which offers storage and cloud-based software services, rose 10 percent to $4.54 billion in the third quarter, from a year earlier.
Revenue from the company's PC business, which still accounts for over half of Intel's total revenue, rose 4.5 percent to $8.89 billion.
Intel's Non-Volatile Memory Solutions Group had revenue of $649M, down 1%. Its Internet of Things Group had revenue of $689M, up 19%.
The company's net revenue rose to $15.78 billion from $14.47 billion.
Net income rose to $3.38 billion in the third quarter ended Oct. 1, from $3.11 billion a year earlier.
"It was an outstanding quarter, and we set a number of new records across the business," said Brian Krzanich, Intel CEO. "In addition to strong financials, we delivered exciting new technologies while continuing to align our people and products to our strategy. We’re executing well, and these results show Intel’s continuing transformation to a company that powers the cloud and billions of smart, connected devices."
For the fourth quarter of 2016, Intel is forecasting the midpoint of the revenue range at $15.7B, flat to the third quarter.