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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

White House now says Biden will move to increase refugee cap in May

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden is expected to lift Trump-era refugee caps next month.

Driving the news: The announcement follows stinging criticism from several Democrats. Biden signed a directive earlier Friday to keep the number of refugee admissions this year at the historically low figure set by the Trump administration, walking back a campaign promise to raise the cap.

Updated 43 mins ago - Politics & Policy

Suspect in FedEx shooting identified as 19-year-old former employee Brandon Hole

Crime scene investigators walk through the FedEx parking lot in Indianapolis the day after a mass shooting left nine dead, including the gunman, who took his own life. Photo: Jeff Dean/AFP via Getty Images.

The suspected gunman who killed at least eight people and wounded several others in Indianapolis before killing himself has been identified by local police as 19-year-old Brandon Hole, a former FedEx employee, a company spokesperson told the AP.

The latest: At least 100 people were in the FedEx warehouse at the time of the shooting, authorities said Friday. Indianapolis Metropolitan Police Department Deputy Chief Craig McCartt told reporters that Hole worked at FedEx through 2020. He did not specify the circumstances of Hole’s departure.

The legacy of Bernie Madoff

Bernie Madoff, architect of the largest Ponzi scheme in American history, died on Wednesday in federal prison, 11 years into his 150-year sentence.

Axios Re:Cap digs into Madoff’s crimes, what they revealed about America's financial system and what changed after the scheme came crashing down with Diana B. Henriques, author of the The Wizard of Lies: Bernie Madoff and the Death of Trust.

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