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Intel Names Pat Gelsinger CEO, Sees Q4 Results To Exceed Prior View; Stock Up

Intel (INTC) said that it has appointed Pat Gelsinger as its new chief executive officer, effective February 15, 2021. The company expects to exceed its prior earnings per share and revenue guidance for fourth-quarter 2020.

In Wednesday regular trading, INTC was trading at $58.03, up $4.79 or 9.00 percent.

Intel noted that Gelsinger will also join its board, upon assuming the CEO role. He will succeed Bob Swan, who will remain CEO until February 15.

Most recently, Gelsinger served as the CEO of VMware since 2012. Before joining to VMware, Gelsinger was president and chief operating officer of EMC Information Infrastructure Products at EMC. Prior to joining EMC, he spent 30 years at Intel, becoming the company's first chief technology officer and driving the creation of key industry technologies such as USB and Wi-Fi.

Intel expects its fourth-quarter 2020 earnings per share and revenue to exceed its prior guidance. Previously, the company expected adjusted earnings of around $1.10 per share and revenues of about $17.4 billion for the fourth-quarter. Analysts polled by Thomson Reuters expect the company to report earnings of $1.10 per share and revenues of $17.44 billion for the fourth-quarter. Analysts' estimates typically exclude special items.

In addition, the company said it has made strong progress on its 7nm process technology and plans on providing an update when it reports its full fourth-quarter and full-year 2020 results as previously scheduled on January 21, 2021.

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