Intel (INTC) reported Q2 FY 2019 earnings of $1.06 per share (versus $1.04 in Q2 FY 2018), beating analysts’ consensus estimate of $0.90.

The company’s quarterly revenues amounted to $16.505 bln (-2.7% y/y), beating analysts’ consensus estimate of $15.698 bln.

The company also issued upside guidance for Q3 FY 2019, projecting EPS of approx. $1.24 versus analysts’ consensus estimate of $1.16 and revenues of approx. $18.0 bln versus analysts’ consensus estimate of $17.76 bln.

It raised FY 2019 EPS guidance to approx. $4.40 (from $4.35) versus analysts’ consensus estimate of $4.22 and FY 2019 revenues guidance to approx. $69.5 bln (from $69.0 bln) versus analysts’ consensus estimate of $68.32 bln.

In addition, Intel confirmed that Apple (AAPL) will acquire the majority of the company's smartphone modem business for $1 bln.

INTC rose to $54.54 (+4.56%) in pre-market trading.