Intel Corporation (NASDAQ:INTC) impressed in its latest quarterly earnings report, producing earnings and revenue higher than Wall Street’s expectations.
The tech company said its earnings came in at $1.08 per share on an adjusted basis, a 37% improvement compared to the year-ago quarter. The figure was considerably higher than the 87 cents per share that analysts were calling for.
Intel also impressed on the revenue front as the company raked in $17.1 billion during its fourth quarter of fiscal 2017, a 4% gain compared to the year-ago quarter. Analysts were calling for sales of $16.34 billion for the period.
Some of the strongest metrics for the period were sales of chips for laptops, PCs and datacenter servers, which grew in the fourth quarter. Intel’s sales of desktop PC chips declined 5% year-over-year.
The company updated its outlook for fiscal 2018 as well, revealing that it projects to earn $3.55 per share in earnings, as well as $65 billion in revenue. Analysts are calling for earnings of $3.27 per share and revenue of $63.7 billion.
“In 2018, our highest priorities will be executing to our data-centric strategy and meeting the commitments we make to our shareholders and our customers,” CEO Brian Krzanich said in a statement.
Additionally, Intel boosted its annual dividend by 10% to $1.20 per share. The U.S. tax reform did cause the company a setback of $5.4 billion in expenses related to the new law.
INTC stock gained more than 3.7% after the bell following a 0.4% decline during regular trading hours.