Intel Corp. (Nasdaq: INTC), the largest semiconductor manufacturer, beat expectations in the second quarter but reduced its revenue forecast for the year as the growth of China's economy is expected to slow.
Santa Clara, Calif.-based Intel had earnings per share of 57 cents, exculiding one-time items, beating an estimate of 54 cents per share by analysts surveyed by Bloomberg. It had revenue of $14.3 billion, less than the $14.6 billion forecast by analyst compiled by Bloomberg. The company cut its full-year revenue forecast to between 3 percent and 5 percent, down from high single digit growth.
Shares of Intel rose by two cents, or 0.08 percent, to $25.40 in after market trading.