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Intel Corporation today reported third-quarter 2019 financial results. "We've been on a multi-year journey to reposition Intel's portfolio to take advantage of the exponential growth of data. Our third-quarter financial performance underscores our progress as our data-centric businesses turned in their best performance ever, making up almost half our total revenue in a record quarter," said Bob Swan, Intel CEO. "Our priorities are accelerating growth, improving our execution and deploying capital for attractive returns.We now expect to deliver a fourth record year in a row."
Intel today announced its board of directors has approved a $20 billion increase in its stock repurchase program authorization. In the third quarter, the company generated approximately $10.7 billion in cash from operations, paid dividends of $1.4 billion and used $4.5 billion to repurchase 92 million shares of stock. Third-quarter revenue of $19.2 billion was $1.2 billion higher than July guidance and set an all-time quarterly record,driven by record data-centric revenue, up 6 percent YoY. PC-centric revenue was in-line with expectations, down 5 percent compared to last year.
The PC-centric business (CCG) was down percent in the third quarter on lower year-on-year platform volume,partially offset by a strong mix of Intel's higher performance products as the commercial segment of the PC market remained strong. Major PC manufacturers introduced systems featuring the new, 10 nm-based 10th Gen Intel Core processors (code-named "Ice Lake"). Eighteen new Ice Lake-powered system designs have shipped to date, with a total of 30 designs expected to launch in 2019. The company also announced new 10th Gen Intel Core mobile PC processors (formerly code-named "Comet Lake") and new Intel Xeon W and X-Series processors for workstations and high-end desktops.
Collectively, Intel's data-centric businesses achieved record revenue in the third quarter, up percent YoY. The Data Center Group (DCG) delivered record revenue driven by a strong mix of high-performance Intel Xeon processors and growth in every segment of the business. The communications service provider segment grew 11 percent while the cloud segment returned to growth, up 3 percent, and enterprise and government revenue grew 1 percent. The Internet of Things Group (IOTG) also achieved record revenue, up 9 percent on strength in retail and transportation.Mobileye achieved record revenue, up 20 percent YoY on increasing ADAS adoption. Intel's memory business (NSG) also achieved record revenue, up 19 percent YoY. The Programmable Solutions Group (PSG) shipped thefirst 10 nm-based Intel Agilex FPGAs in the third quarter. PSG third-quarter revenue was up 2 percent YoY.
Business Outlook
Intel's guidance for the fourth-quarter and full-year 2019 includes both GAAP and non-GAAP estimates.Reconciliations between these GAAP and non-GAAP financial measures are included below.
Intel's Business Outlook does not include the potential impact of any business combinations, asset acquisitions,divestitures, strategic investments and other significant transactions that may be completed after October 24, 2019,except for the planned divestiture of the majority of our smartphone modem business and the pending sale of Intel's interest in the IM Flash Technologies, LLC joint venture, which are both expected to close in the fourth quarter of 2019. Actual results may differ materially from Intel's Business Outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below.
View at TechPowerUp Main Site
Intel today announced its board of directors has approved a $20 billion increase in its stock repurchase program authorization. In the third quarter, the company generated approximately $10.7 billion in cash from operations, paid dividends of $1.4 billion and used $4.5 billion to repurchase 92 million shares of stock. Third-quarter revenue of $19.2 billion was $1.2 billion higher than July guidance and set an all-time quarterly record,driven by record data-centric revenue, up 6 percent YoY. PC-centric revenue was in-line with expectations, down 5 percent compared to last year.
![](https://www.techpowerup.com/img/EhbrRMnMRQ6eEd8z_thm.jpg)
The PC-centric business (CCG) was down percent in the third quarter on lower year-on-year platform volume,partially offset by a strong mix of Intel's higher performance products as the commercial segment of the PC market remained strong. Major PC manufacturers introduced systems featuring the new, 10 nm-based 10th Gen Intel Core processors (code-named "Ice Lake"). Eighteen new Ice Lake-powered system designs have shipped to date, with a total of 30 designs expected to launch in 2019. The company also announced new 10th Gen Intel Core mobile PC processors (formerly code-named "Comet Lake") and new Intel Xeon W and X-Series processors for workstations and high-end desktops.
Collectively, Intel's data-centric businesses achieved record revenue in the third quarter, up percent YoY. The Data Center Group (DCG) delivered record revenue driven by a strong mix of high-performance Intel Xeon processors and growth in every segment of the business. The communications service provider segment grew 11 percent while the cloud segment returned to growth, up 3 percent, and enterprise and government revenue grew 1 percent. The Internet of Things Group (IOTG) also achieved record revenue, up 9 percent on strength in retail and transportation.Mobileye achieved record revenue, up 20 percent YoY on increasing ADAS adoption. Intel's memory business (NSG) also achieved record revenue, up 19 percent YoY. The Programmable Solutions Group (PSG) shipped thefirst 10 nm-based Intel Agilex FPGAs in the third quarter. PSG third-quarter revenue was up 2 percent YoY.
Business Outlook
Intel's guidance for the fourth-quarter and full-year 2019 includes both GAAP and non-GAAP estimates.Reconciliations between these GAAP and non-GAAP financial measures are included below.
![](https://www.techpowerup.com/img/jzuSKvnR4TtDZUEW_thm.jpg)
Intel's Business Outlook does not include the potential impact of any business combinations, asset acquisitions,divestitures, strategic investments and other significant transactions that may be completed after October 24, 2019,except for the planned divestiture of the majority of our smartphone modem business and the pending sale of Intel's interest in the IM Flash Technologies, LLC joint venture, which are both expected to close in the fourth quarter of 2019. Actual results may differ materially from Intel's Business Outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below.
View at TechPowerUp Main Site