Sumary of Intel raises annual forecast as Twitter beats expectations:
- Chipmaker Intel raised its annual revenue forecast on Thursday, focusing on its dual strategy of increasing in-house production as well as outsourcing to catch up with rivals.
- Intel said it now expects annual adjusted revenue of $73.5 billion (€62 billion), compared with its previous forecast of $72.5 billion and analyst expectations of $72.80 billion, according to Refinitiv IBES data.
- The company expects adjusted third-quarter revenue of about $18.2 billion, above estimates of $18.09 billion.
- Also on Thursday Twitter reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements and said changes by Apple to keep iPhone user data private had hit ad revenue less than anticipated.
- Twitter shares rose 7 per cent to $75 in trading after the bell.