Intel Raises Midpoint of Sales Forecast

Intel Corp. raised the midpoint of its first-quarter revenue forecast by $200 million and boosted its profit margin target, citing lower manufacturing costs.

In a scheduled update, the Santa Clara, Calif.-based firm said it expected sales of $9.2 billion to $9.4 billion and a gross profit margin of 57%, plus or minus a percentage point.

The new midpoint of Intel’s revenue range is $9.3 billion. Wall Street analysts on average had expected revenue of $9.14 billion in the quarter, which ends April 2, according to Reuters Estimates.

Intel shares rose a penny to $24.85 on Nasdaq, before the forecast was announced. In extended trading, they rose to $25.30.