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Intel profit misses consensus by 17.0% in fiscal Q3

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Intel profit misses consensus by 17.0% in fiscal Q3

Intel Corp. said its normalized net income for the fiscal third quarter ended Oct. 1 amounted to 60 cents per share, compared with the S&P Capital IQ consensus estimate of 72 cents per share.

EPS rose 14.1% year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.92 billion, an increase of 14.1% from $2.56 billion in the third quarter ended Sept. 26, 2015.

The normalized profit margin increased to 18.6% from 17.7% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to $15.78 billion from $14.46 billion, and total operating expenses increased 6.9% from the prior-year period to $10.97 billion from $10.26 billion.

Reported net income grew 7.8% on an annual basis to $3.37 billion, or 69 cents per share, from $3.12 billion, or 64 cents per share.