Intel CEO Brian Krzanich. Photo: Asa Mathat for Vox Media

Intel reported quarterly earnings and revenue well ahead of expectations and said it expects a record year despite the continuing stagnation in the PC business. The company is also raising its full-year outlook for both sales and per-share earnings.

The bottom line: While sales were flat in the PC chip unit, the company saw significant growth in its other key areas including flash memory, data center chips and Internet-of-things products.

The company reported per-share earnings, excluding items, of $1.01 compared with expectations of around 80 cents, with revenue of $16.1 billion, ahead of consensus estimates of $15.7 billion, per Zacks.

"We executed well in the third quarter with strong results across the business, and we're on track to a record year," Intel CEO Brian Krzanich said in a statement.For the year, Intel now expects revenue of $62 billion, up $700 million from its prior forecast, with per-share earnings (excluding items) of around $3.25, up 25 cents from earlier projections.

Go deeper

4 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: U.S. hits highest daily COVID-19 case count since pandemic began —AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!