Intel rises as CEO says 'above the midpoint' for Q3 guidance
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Intel (NASDAQ:INTC) shares rose 1.5% in mid-day trading on Thursday as CEO Pat Gelsinger executive said the semiconductor giant is "above" the mid-point for its third-quarter guidance.
"At this point, we say we're above the midpoint of our guide for Q3, so we're feeling good about Q3 as that progresses," Gelsinger said at Deutsche Bank's Technology Conference.
The company previously said it expected to earn 20 cents per share and generate sales within a range between $12.9B and $13.9B for the third-quarter.
Gelsinger also noted that the company's Client business, which houses its PC sales, is healthy and inventory levels have come down to normal levels. Additionally, Intel is improving market share in the segment, the 62-year-old tech exec added.
In its most recent quarter, Santa Clara, California-based Intel (INTC) generated $6.78B in revenue from its Client Computing Group, above estimates. Total revenue during the quarter was $12.9B, above the $12.14B that analysts had expected.

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