July 26, 2018 / 8:12 PM / in 9 months

Intel profit beats on higher demand for data center chips

July 26 (Reuters) - Intel Corp topped Wall Street estimates for quarterly profit and revenue on Thursday, as a booming cloud computing market drove higher demand for chips used in data centers.

Net income rose to $5.01 billion, or $1.05 per share, in the second quarter ended June 30 from $2.81 billion, or 58 cents per share, a year earlier. bit.ly/2mLLApb

Net revenue rose 14.9 percent to $16.96 billion.

Excluding items, the company earned $1.04 per share.

Analysts on average were expecting adjusted earnings of 96 cents per share and revenue of 16.77 billion, according to Thomson Reuters I/B/E/S.

The company is in the midst of a CEO search following the ouster of Brian Krzanich last month after an investigation found he had a consensual relationship with an employee in breach of company policy. (Reporting by Sonam Rai in Bengaluru and Stephen Nellis in San Francisco; Editing by Anil D’Silva)

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