Computer chip manufacturer Intel has announced an increase in net profits for the third quarter, rising to $3.32 billion (£2.09 billion) compared with $2.95 billion (£1.85 billion) last year.
The profit rise has been attributed to the recovery of the personal computer market following years of decline. Sales increased by eight per cent, surpassing analyst estimates.
Contributing to the good news, Intel also sold more than 100 million microprocessors in the quarter, reaching the milestone for the first time in the firm's history. The company expects revenue of between $14.2 billion and $15.2 billion for the last three months of the financial year.
Intel CEO Brian Krzanich confirmed that the company is pleased with the progress it's making.
"We achieved our best-ever revenue and strong profits in the third quarter," he said. "There is more to do, but our results give us confidence that we're successfully executing to our strategy of extending our products across a broad range of exciting new markets."
Generally, analysts have predicted a long-term decline in the PC market as consumers move toward mobile devices such as tablets and smartphones.
Read more: Tablet sales to exceed PCs by 2015
However, Intel's results suggest a reversal in this trend for the time being at least, with sales of its PC business rising nine per cent when compared to 12 months previously. The firm also experience a six per cent rise in PC sales for the second quarter of this year.