Intel (INTC) this afternoon reported Q3 revenue and profit ahead of analysts expectations and forecast the current quarter’s revenue well ahead of expectations. The company increased its buyback authorization substantially as well.
Revenue in the three months ended in September rose to $14.2 billion, yielding EPS of $0.69 per share.
Analysts had been modeling $13.84 billion and 63 cents per share.
Intel said its board increased the authorization for stock buybacks by $10 billion, bringing total unused buyback authorization to $14.2 billion.
Gross profit in the quarter dipped to 63.4% from 60.6% a year earlier, Intel said, largely as a result of higher platform unit costs and higher startup costs, Intel said.
The company forecast Q4 revenue of $14.2 billion to $15.2 billion, well ahead of the consensus $14.3 billion estimate.
Intel said gross margin this quarter will probably rise to 63% to 67% thanks to lower manufacturing costs and higher volumes.
Intel’s CFO Stacy Smith offered a more detailed commentary on the results, which you can view here.
Intel shares are up 80 cents, or 3.4%, at $24.20 in late trading.
Intel will hold a conference call with analysts at 5:30 pm, Eastern time, and you can catch it here.