Intel Corp. INTC 1.23 % reported an 8.7% rise in its third-quarter earnings, as a lengthy slide in the personal computer market reversed and cloud-computing companies stocked up on servers. The results came in ahead of Wall Street estimates and the increased revenue guidance that Intel issued last month. But the company's estimate for revenue in the current period was slightly lower than analysts projected. Its shares slid 4.8% to 35.95 in after-hours trading. Intel executives stressed the positive, noting the company set sales records in its data center, Internet of Things, and for total revenue.
Nvidia posted strong second quarter financial results on Wednesday, thanks to record-setting data center revenue and a solid contribution from Mellanox. Second quarter non-GAAP earnings per share came to $2.18 on revenue of $3.87 billion, up 50 percent from a year earlier. Analysts were expecting earnings of $1.97 per share on revenue of $3.65 billion. Nvidia's data center revenue came to $1.75 billion, up 167 percent from a year earlier. Data center revenue includes sales from Mellanox, which contributed.
In prepared remarks, Suzanne Nora Johnson, lead independent director for Intuit, credited Mr. Smith with transforming the company from a North America desktop-software company to a "global cloud-driven product and platform company." During his 11-year tenure at the helm, Intuit doubled its customer base to 50 million customers, doubled its revenue and tripled its earnings per share. On Thursday, the company also reported revenue grew 17% in its most recent quarter to $988 million, helped by a 20% rise in the small-business division's revenue. During the year ended July 31, QuickBooks Online's subscriber base grew 38% to 2.6 million, while non-U.S. Intuit roughly doubled its fiscal fourth-quarter profit to $49 million, or 18 cents a share.
IBM delivered second quarter revenue growth of 4 percent from a year ago in a sign that the company may be turning the corner. Big Blue reported non-GAAP second quarter earnings of $3.08 a share on revenue of $20 billion. Wall Street was expecting IBM to deliver non-GAAP second quarter earnings of $3.04 a share on revenue of $19.85 billion. IBM delivered its second consecutive quarter of revenue growth following a solid first quarter. The company said its cloud as-a-service revenue was at an annual run rate of $11.1 billion.
The PC market remains turbulent, as Lenovo's financial results show. The world's biggest PC maker Lenovo said it has faced "internal and external challenges" as it published financial results revealing weak PC and smartphone sales. Reporting its fourth quarter and full-year results, Lenovo said that revenue for the fourth quarter stood at 9.1 billion, down 19 percent year-over-year, while annual revenue was down three percent to 44.9bn. The company reported a full-year net loss of 128m. Lenovo's PC group, which includes PCs and Windows tablets, saw quarterly sales of 6.2bn and pre-tax income of 312m -- down 20 percent year-over-year.