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Intel raises full-year revenue forecast

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FILE PHOTO: FILE PHOTO: An Intel Tiger Lake chip is displayed at an Intel news conference during the 2020 CES in Las Vegas
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(Reuters) -Chipmaker Intel Corp raised its annual revenue forecast on Thursday, focusing on its dual strategy of increasing in-house production as well as outsourcing to catch up with rivals.

Intel, one of the one of the few remaining companies in the processor chip industry that both designs and manufactures its own chips, has been able to weather the supply chain woes better that rivals like Advanced Micro Devices that have outsourced manufacturing.

A shift in business working models toward cloud and artificial intelligence-based operations due to the pandemic has also increased demand for processors used in data centers and PCs.

"The digitization of everything continues to accelerate," Intel Chief Executive Officer Pat Gelsinger said.

Intel said it now expects annual adjusted revenue of $73.5 billion, compared with its previous forecast of $72.5 billion and analyst expectations of $72.80 billion, according to Refinitiv IBES data.

Revenue from the company's higher-margin data center business fell 9% to $6.5 billion in the second quarter, while its personal computing business revenue rose 6%, both beating FactSet estimates.

Intel expects adjusted third-quarter revenue of about $18.2 billion, above estimates of $18.09 billion.

On an adjusted basis, the company earned $1.28 per share in the second quarter, compared with estimates of $1.06.

(Reporting by Chavi Mehta in Bengaluru and Stephen Nellis in San Francisco; Editing by Shounak Dasgupta)