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Intel Beats Q3 Expectations

Chip manufacturer Intel Corp. (Nasdaq: INTC) announced its third-quarter results last night, posting revenue of $8.5 billion, up 8 percent on the same period last year. Earnings per share (EPS) were 30 cents, up 20 percent on last year's third quarter.

Those figures exceeded analyst expectations of $8.44 billion and EPS of 27 cents.

The market responded positively to the Santa Clara, Calif.-based vendor's results. In early trading today, Intel shares rose 93 cents (4.59 %) to $21.21.

During a conference call, Intel executives said the quarters results had been buoyed by record server and mobile microprocessor shipments. However, they admitted that growth hadn't been as high as anticipated, due to inventory adjustments at some of the vendor’s major OEM customers and lower-than-expected overall demand for PCs.

Despite that disappointment, Intel fared better than its arch rival Advanced Micro Devices (NYSE: AMD), which recently announced third-quarter sales well below analyst forecasts (see AMD Announces Q3 Results).

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