Intel grew revenues 20% to $19.7 billion

Intel reported that it grew revenues 20% to $19.7 billion in the second quarter as the pandemic spurred people to buy PCs so they cold work from home better. But the company said it ran into delays in ramping up its 7-nanometer manufacturing plants, which sent the company's stock downward in after-hours trading.

PC-centric revenue grew 7% compared to a year ago, while data-centric revenue grew 34%, accounting for 52% of overall revenue. Earnings per share were $1.19, up 29%, while non-GAAP earnings per share were $1.23. Analysts had expected Intel to report earnings of $1.11 a share on revenue for $18.54 billion. In after-hours trading, Intel's shares are down 9% to $54.93 a share.

Intel CEO Bob Swan said it was an "excellent quarter, well above our expectations" in a statement. He credited the performance to cloud-delivered services, a work- and learn-at-home environment, and the buildout of 5G networks.

Intel said that it is accelerating its transition to a 10-nanometer, but it noted that it's next-generation manufacturing — which would deliver higher production, faster chips, and lower costs — has been delayed compared to its prior expectations.

For the full year, Intel expects non-GAAP earnings per share of $4.85 (flat versus a year ago) on revenue of $75 billion (up 4% from a year ago). For the second quarter, the data center group had revenue of $7.1 billion, up 43%. The internet of things group had revenue of $670 million, down 32%. Mobile revenue was $146 million, down 27%. NSG (flash memory) revenue was $1.7 billion, up 76%. PSG (programmable chips) revenue was $501 million, up 2%. And the PC division, CCG, saw revenue of $9.5 billion, up 7%.