For the reported quarter that ended 25 September 2021, the semiconductor company’s net revenue was $19.19bn, an increase of 5% compared to $18.33bn posted in the third quarter of 2020


An Intel office in Haifa, Israel. (Credit: xiquinhosilva/Wikimedia Commons)

Intel has reported a net income of $6.82bn for the third quarter of 2021 (Q3 2021), an increase of 60% compared to $4.27bn for the same quarter of the previous year.

In the previous quarter that ended 26 June 2021, Intel’s net income was $5.06bn.

The US semiconductor company’s diluted earnings per share (EPS) in Q3 2021 were $1.67, which is up by 64% compared to an EPS of $1.02 in the same quarter of 2020.

For the reported quarter that ended 25 September 2021, Intel’s net revenue was $19.19bn, an increase of 5% compared to $18.33bn posted in Q3 2020. Intel’s revenue in Q2 2021 was $19.63bn.

For the fourth quarter of this year, the company is targeting a GAAP revenue of around $19.2bn.

According to the company, the third-quarter revenue was driven by a robust recovery in the enterprise portion of the data centre group (DCG) and in the Internet of Things group (IOTG). The company said that the IOTG witnessed higher demand amid recovery from the economic effects of the Covid-19 pandemic.

The data centre group’s revenue for Q3 2021 was up by 10% year-over-year (YoY) to $6.5bn, while IOTG’s revenue surged 54% YoY to $1bn.

On the other hand, the client computing group (CCG) had its revenue down by 2% YoY in the reported quarter to $9.7bn. Intel attributed the reduction to lesser notebook volumes driven by industry-wide component shortages and other factors.

The company’s programmable solutions group (PSG) had a 16% YoY increase at $478m.

Intel CEO Pat Gelsinger said: “Q3 shone an even greater spotlight on the global demand for semiconductors, where Intel has the unique breadth and scale to lead. Our focus on execution continued as we started delivering on our IDM 2.0 commitments.

“We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade. We also announced major customer wins across every part of our business.”

“We are still in the early stages of our journey, but I see the enormous opportunity ahead, and I couldn’t be prouder of the progress we are making towards that opportunity.”

Last month, Intel revealed plans of investing up to €80bn over the next decade in Europe to address the increasing demand for semiconductor chips.