Chipmaker Intel raises annual revenue forecast By Reuters

© Reuters. FILE PHOTO: An Intel Tiger Lake chip is displayed at an Intel news conference during the 2020 CES in Las Vegas, Nevada, U.S. January 6, 2020. REUTERS/Steve Marcus/File Photo

(Reuters) – Chipmaker Intel Corp (NASDAQ:) 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, one of the one of the few remaining companies in the processor chip industry that both designs and manufactures its own chips, has been able to weather the supply chain woes better.

Rivals such as Advanced Micro Devices (NASDAQ:) Inc that outsource production to foundries have been impacted more than Intel due to shortage of chip components and raw materials.

A shift in business working models toward cloud and artificial intelligence-based operations due to the pandemic has also increased demand for processors used in data centers and PCs.

Intel said it now expects annual adjusted revenue of $73.5 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.

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