Intel raises revenue forecast as PC market improves

Intel raises revenue forecast as PC market improves

The company said the increase in revenue is primarily driven by replenishment of PC supply chain inventory.

Shipments of gaming PCs, 2-in-1s and Chromebooks are driving PC shipments.

Intel's new forecast is for revenue of $15.6 billion, plus or minus $300 million. But Stephen Baker, an analyst who tracks sales in US retail and distribution channels for NPD Group, said customers have lately have been buying more premium laptops, as well as those that convert between clamshell and tablet mode, and hardware targeted toward gaming.

Intel's strengths such as its revenue growth, reasonable valuation levels, good cash flow from operations, solid stock price performance and expanding profit margins outweigh the fact that the company has had sub par growth in net income. In addition to the PC gains, the company's forecast indicates Intel may be benefiting from chips that are now being placed in some of Apple's iPhones, according to Timothy Arcuri, an analyst with Cowen & Co.

That's due to PC makers replenishing laptop and desktop inventory, which means Intel is shipping out more chips. At the same time, analysts have said that OEMs had done little in terms of designs and features to entice users to buy new systems.

Kyrgios gives Australia Davis Cup lead
Doubles is always a tough match but I would have thought I would probably be the favourite to win the match on Sunday. The winners of the tie will face France or Croatia in the final in November.

Brian Krzanich, Intel's chief executive since 2013, has tried to push the company into markets beyond PCs such as connected cars, wearable devices and devices used to handle retail transactions.

Intel also has some modem chips in the new Apple (AAPL) iPhone 7, replacing Qualcomm (QCOM).

All other expectations have been withdrawn and guidance will be updated with the company's third-quarter earnings report on October 18.

Shares of the world's largest chipmaker rose as much as 4.1 percent to a more than 15-year high of $38.05 on Friday.

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