Intel's Strong Third-Quarter Results Overshadowed

Following a fleeting recovery in the PC space during

Third-quarter sales were the highest ever for the company, at nearly $15.8 billion, up 9% year over year. The firm benefited from a short-term replenishment cycle of PC supply chain inventory, as reported in mid-September in a positive announcement. As a result, client computing group, or CCG, revenue, which includes PC and mobile-related products, rose 4.5% from the period last year. In addition to the inventory build, we note these results are consistent with Intel’s modem win in certain Apple iPhone 7 iterations. The PC volume increase and richer product mix also benefited margins in the segment, with CCG operating margins up to 37% from 29% last year.

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