Intel reported its Q2 results, beating expectations on strong semiconductor demand.

Intel reported GAAP $19.6 billion in revenue for the second quarter, coming in at $1.24 per share. Much of the revenue was the result of a 33% year-over-year increase in PC platform volumes.

The company also raised its full-year 2021 guidance to $77.6 billion GAAP, and $73.5 billion non-GAAP. This is an increase of $1 billion over original guidance.

“There’s never been a more exciting time to be in the semiconductor industry. The digitization of everything continues to accelerate, creating a vast growth opportunity for us and our customers across core and emerging business areas. With our scale and renewed focus on both innovation and execution, we are uniquely positioned to capitalize on this opportunity, which I believe is merely the beginning of what will be a decade of sustained growth across the industry,” said Pat Gelsinger, Intel CEO. “Our second-quarter results show that our momentum is building, our execution is improving, and customers continue to choose us for leadership products.”

The company still has many challenges ahead, not the least of which is the semiconductor component shortage.