Earnings from Intel Corporation (NASDAQ:INTC) arrived this afternoon after the market shut down for the day in New York. The company showed earnings of $0.55 per share for the three-month period, which the chip maker records as its second of fiscal 2014. Revenue came in at $13.8 billion. On today’s market traders drove the value of Intel up a fraction and the company’s stock finished trading at $31.71.

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Before this afternoon’s numbers were released analysts following the microchip maker were looking for earnings of 53 cents per share from the three months through June. Revenue was expected to come in at $13.7 billion according to a Bloomberg survey of 38 analysts following Intel Corporation (NASDAQ:INTC). In the same three months of last year Intel managed to earn 39 cents per share on revenue totaling $12.8 billion.

Intel doesn’t need the smart phone

When Intel Corporation (NASDAQ:INTC) results hit rough patches in 2012 and 2013, the analyst opinion was predictable. According to common belief, Intel needed to compete in the smartphone and tablet processor market in order to save itself from irrelevance. Intel has aimed itself squarely at both markets, but it doesn’t need them to survive, as this afternoon’s earnings report shows.

Intel’s strategy for the next five years is not ONLY to concentrate on the inside of the smart phone, but spread its focus on what lies in the halo of connectivity that surrounds all mobile devices. The company is working on chips that will function in wearable devices, tablets and smartphones, but it is also working on data center components, and chips for “Internet of Things” devices.

Meanwhile the company’s bottom line is being bolstered in a way that nobody expected, but one that is sure to impress the firm’s shareholders for at least a few more quarters.

Intel hit with surprise PC resurgence

The news that PC sales were collapsing hit Intel Corporation (NASDAQ:INTC) hard in 2013, and the prediction that the company was witnessing the end of the PC era caused many pessimistic traders to exit their positions in the company. So far in 2014 shares in the company have risen by more than 22%, and the company has been hitting highs not seen in a decade.

The reason for the surge in the company’s share price cannot be put down to a remarkable increase in tablet or smartphone share, it is, instead a result of PC growth. Rumors of the death of the notebook were, in fact, greatly exaggerated. The latest craze is to predict the death of the tablet computer.

Intel Corporation (NASDAQ:INTC) is transitioning away from the notebook business, but the company still takes a substantial part of its revenue from the PC business and its investors were warmed by news of growth in the area in 2014. It’s clear, however, that the company cannot hope to rely on that business and keep the faith of investors in the long-term. That’s driving the long-term strategy of CEO Krzanich, and helping to project Intel beyond today’s earnings release.