Intel Corp. said Tuesday its second-quarter profit jumped 44 percent on strong sales of microprocessors even as the company faced fierce competition that pushed prices lower.
After hitting a new 52-week high during regular session trading, Intel’s stock plunged more than 4 percent in after-hours trading.
The Santa Clara-based chip maker’s net income for the three months ended June 30 was $1.28 billion, or 22 cents per share, compared with $885 million, or 15 cents per share during the same period last year.
Were it not for certain one-time tax gains, Intel’s profit for the latest quarter would have been lower by 3 cents per share.
Analysts surveyed by Thomson Financial were expecting Intel to earn, on average, 19 cents per share.
Intel exceeded analysts’ revenue expectations, ringing up $8.68 billion in the second quarter, an 8 percent increase over the $8 billion it reported in the same period last year.
Intel, the world’s largest semiconductor company, announced its financial results after the market closed.
Before the earnings were released, the company’s stock price hit a new 52-week high, closing up 38 cents, or 1.5 percent, at $26.33.
“The Coca-Cola Co. reported a slight profit increase in the second quarter Tuesday on solid sales in most of its markets.
Excluding one-time items, Coca-Cola said it earned $1.98 billion, or 85 cents a share, in the second-quarter.
On a comparable basis, analysts surveyed by Thomson Financial were expecting earnings of 82 cents a share in the quarter.
Revenue rose to $7.73 billion, a 19 percent increase compared to $6.48 billion reported a year earlier.
For the first half of the year, Coca-Cola said it earned $3.11 billion, or $1.34 a share, compared to a profit of $2.94 billion, or $1.25 a share, for the same period last year. Six-month revenue rose 18 percent to $13.84 billion from $11.70 billion recorded in the same period a year earlier.
“Yahoo Inc.’s financial malaise dragged on during the second quarter as the Internet icon’s profit slipped slightly and revenue growth lagged behind the pace of the online advertising market that it once led.
In the three months ending in June, Yahoo earned $160.6 million, or 11 cents per share, a 2 percent decline from net income of $164.3 million, or 11 cents per share, at the same time last year.
It marked the sixth consecutive quarter in which Yahoo’s profit has dropped from the previous year.
“ Charles Schwab Corp. reported a 16 percent jump in second-quarter profit Tuesday, matching Wall Street expectations and delivering a ninth consecutive quarter of double-digit earnings growth as the brokerage firm expanded bey ond discount stock trading. The San Francisco-based company said Tuesday that net income was $292 million, or 23 cents per share, in the quarter ended June 30. In the year-ago quarter, it reported $251 million, or 19 cents per share.
“U.S. Bancorp said Tuesday its second-quarter profit declined slightly after a strong gain a year ago.
The nation’s seventh-largest bank said it earned $1.16 billion, or 65 cents per share, in the April-June period, down 3.7 percent from $1.2 billion, or 66 cents per share, during the same period last year. Revenue of $3.51 billion was up 1.5 percent from $3.45 billion a year ago.
Analysts surveyed by Thomson Financial were expecting earnings of 67 cents per share on revenue of $3.47 billion.
The company said its year-ago results benefited from a $35 million gain from MasterCard Corp.’s initial public offering. U.S. Bancorp also said its credit costs increased and its net interest income declined from a year ago.
Shares of U.S. Bancorp declined 26 cents to $32.94.
“Wells Fargo & Co. raked in more customer service fees and sold more products to boost its second-quarter profit by 9 percent, sticking to a familiar formula that paid off even as more households struggled to pay their bills.
The San Francisco-based bank said Tuesday that it earned $2.28 billion, or 67 cents per share, during the April-June period.
That compared with net income of $2.09 billion, or 61 cents per share, a year earlier.
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