Record revenue for Intel after expansion

Intel, the Silicon Valley chipmaker, posted better than expected third-quarter results as demand for its personal computers stablised and it expanded its position in the tablet and cloud computing markets.

The company reported record revenue of $14.6 billion (£9 billion), up 8 per cent from the same period last year. Profits rose 12 per cent to $3.3 billion.

Intel has struggled in recent years to meet the challenge of the transition to mobile computing, an area that it was initially slow to exploit. However, its shares are up 35 per cent in the past year.

For the third quarter, the company’s PC unit reported revenue growth of 9 per cent to $9.2 billion.

Intel has forecast fourth quarter sales of $14.2 billion to $15.2 billion, slightly better than analyst expectations. Its shares rose 1.4 per cent to $32.58 in late trading after the closing bell.