Intel beats on top and bottom line, sets $1B deal with Apple

Intel (INTC) reported its Q2 earnings after the bell on Thursday that beat analysts’ expectations on the top and bottom line. Here are the important numbers from the report:

• Revenue: $16.5 billion versus $15.67 billion expected

• Adjusted earnings per share: $1.06 versus $0.89 expected

The is the first quarterly report since CEO Bob Swan slashed Intel's quarterly and full-year guidance in Q1.

The report also comes after Swan revealed that Intel is offloading its mobile modem division. In an interview with Yahoo Finance Editor-in-Chief Andy Serwer, Swan explained that the company didn't see a way to profitability for the business.

Intel confirmed that it’s selling the division to Apple (AAPL) for as much as $1 billion. The move will bring modem development in-house at Apple, something the company has been focusing more on for its smartphone division.

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Email Daniel Howley at dhowley@yahoofinance.com; follow him on Twitter at @DanielHowley.

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