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.