Intel (NASDAQ:INTC) expects Q3 revenue of $13.9B-$14.9B, a range largely above a $14.02B consensus.
The chip giant is adding $20B to its buyback program. $2.1B was spent on buybacks in Q2, up from just $545M in Q1. Intel plans to spend $4B in Q3.
Q2 gross margin was 64.5%, +490 bps Q/Q and +620 bps Y/Y, and above a revised guidance midpoint of 64%. GM is expected to rise to 66% (+/- 2%) in Q3.
Full-year revenue is now expected to grow 5% Y/Y; consensus is for 3.5% growth. Full-year GM is expected to come in at 63% (+/- a few percentage points).
Full-year capex guidance remains at $10.5B-$11.5B. R&D/MG&A spend guidance has been hiked by $100M to $19.1B-$19.5B.