Cloud computing brings higher profits to Intel

Demand for data center chips earned the company $5.01 billion in profits in the second quarter of the year.

Intel Corp.'s quarterly profit and revenue beat Wall Street estimates on Thursday as the cloud computing market fueled stronger demand for chips.

Net income rose to $5.01 billion, or $1.05 per share, in the second quarter ended June 30, from $2.81 billion, or 58 cents per share, in the year-ago quarter.

Net income rose 14.9% to $16.96 billion. Excluding one-time items, the company earned $1.04 per share.

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Analysts on average had expected adjusted earnings of 96 cents per share and revenue of $16.77 billion, according to Thomson Reuters.

The company is in the midst of a CEO search, following the ouster of Brian Krzanich last month after an investigation found he had a consensual relationship with an employee in violation of company policy.