Intel (INTC – Free Report) , the world’s largest chipmaker, reported stronger-than-expected Q3 results after market close yesterday. The company surpassed estimates for both revenues and earnings and provided a bullish forecast. This was a silver lining for the downtrodden semiconductor space, which has been hit by a series of disappointing earnings reports and guidance from other chipmakers over the past week.

Intel Q3 Earnings in Focus

Earnings of $1.40 per share came in 25 cents above the Zacks Consensus Estimate and improved from the year-ago earnings of $1.01. Revenues rose 19% year over year to a record $19.16 billion and were well ahead of the estimated $18.11 billion.

The outperformance is credited to its high-margin data center business and strong demand for PC chips. Revenues at data center business grew 26% to $6.1 billion while PC revenues rose 16% to $10.2 billion from the year-ago quarter.

Intel expects revenues of $19 billion and earnings per share of $1.22 for the fourth quarter. It is well above the current Zacks Consensus Estimate of $18.37 billion for revenues and $1.10 for earnings per share. For 2018, the company raised its revenue guidance by about $1.7 billion to $71.2 billion and earnings per share by 38 cents to $4.53. The Zacks Consensus Estimate is currently pegged at $69.51 billion for revenues and $4.16 for earnings per share.

The solid results and bullish outlook pushed shares of Intel up as much as 6% in after-market hours on elevated volume. Intel has a Zacks Rank #3 (Hold) and a VGM Score of A. However, the stock belongs to the bottom-ranked industry (bottom 31%).

ETFs to Tap

Investors can tap Intel’s solid Q3 results and the potential rally in its share price with the help of ETFs that have a large allocation to the biggest semiconductor company.

VanEck Vectors Semiconductor ETF (SMH – Free Report)

This fund provides exposure to 25 securities by tracking the MVIS US Listed Semiconductor 25 Index. Intel occupies the top position with 10% of the assets. The product has managed assets worth $829.7 million and charges 35 bps in annual fees and expenses. It is heavily traded with volume of around 6.2 million shares per day and has a Zacks ETF Rank #3 (Hold) with a High risk outlook.