logo
Plus   Neg
Share
Email

Intel Q4 Results Beat Street, Outlook Strong, Shares Up 7%

Intel Corp. (INTC), the world's biggest chipmaker, Thursday said its profit and revenues for the fourth quarter trumped Wall Street estimates. The company's shares gained nearly 7 percent driven by strong outlook for the first quarter and full year 2020.

Santa Clara, California-based Intel reported fourth-quarter profit of $6.9 billion or $1.58 per share, up from $5.2 billion or $1.12 per share last year.

Adjusted earnings for the quarter were $1.52 per share, up from $1.28 per share. On average, 32 analysts polled by Thomson Reuters estimated earnings of $1.25 per share for the quarter.

Intel's revenues for the quarter were up 8% to $20.2 billion from last year's revenue of $18.7 billion. Analysts had a consensus revenue estimate of $19.23 billion for the quarter.

CEO Bob Swan said, "In 2019, we gained share in an expanded addressable market that demands more performance to process, move and store data. One year into our long-term financial plan, we have outperformed our revenue and EPS expectations. Looking ahead, we are investing to win the technology inflections of the future, play a bigger role in the success of our customers and increase shareholder returns."

Looking forward to the first quarter, Intel expects revenues of about $19.0 billion and adjusted earnings of around $1.30 per share. Analysts currently estimate earnings of $1.04 per share and revenues of $17.19 billion.

For the full year 2020, Intel expects revenues of about $73.5 billion and adjusted earnings of about $5.00 per share. Analysts currently estimate earnings of $4.68 per share on revenues $72.25 billion.

Earlier, the company expected revenues of about $71.5 billion and adjusted earnings of about $4.60 per share.

INTC closed Thursday's trading at $63.32, up $0.59 or 0.94%, on the Nasdaq. The stock further gained $4.37 or 6.90% in the after-hours trading.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT
>