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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

1 hour ago - World

Olaf Scholz sworn in as German chancellor, succeeding Merkel

Incoming German Chancellor Olaf Scholz is sworn in by Bundestag President Bärbel Bas in Berlin today. Photo: Sean Gallup/Getty Images

Social Democrat Olaf Scholz was sworn in as chancellor of Germany on Wednesday, succeeding Angela Merkel after 16 years and launching a new era of German and European politics.

Why it matters: Scholz, a center-left pragmatist who served as finance minister and vice chancellor in Merkel's last government, will lead Europe's largest economy in a coalition with the environmentalist Greens and pro-business Free Democrats.

Instagram's boss faces Congress' questions on harm to teens

Photo illustration: Shoshana Gordon/Axios. Photo: Matt Winkelmeyer/Getty Images for WIRED

The head of Instagram will find himself in Congress' crosshairs for the first time Wednesday in the one area lawmakers have shown they are willing to pass tech regulations — protecting youngsters online.

Why it matters: Republicans and Democrats have found common ground in grilling tech companies on how their products harm children, especially after revelations in The Wall Street Journal about Instagram's potential harm to the mental health of teen girls.

School buses that track your child's location

Illustration: Annelise Capossela/Axios

New York City is the biggest school district to gear up for an Uber-like GPS-based system that tracks each pupil's school bus ride, letting parents know where their child is in real time.

Why it matters: For parents, teachers and school administrators, the ability to follow each student's daily commute adds a layer of safety and peace of mind — and helps all parties adjust plans when there are traffic jams, weather problems or other snarls.

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