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Intel Releases Quarterly Earnings- Bob Swan’s Finale

By John F. Heerdink, Jr.

Intel Corporation (INTC) reported earnings this week, its last with Bob Swan serving as CEO role before Pat Gelsinger, Intel’s incoming CEO takes over.

Here’s how the chip giant performed for the quarter ending December:

  • Earnings per share (EPS) of $1.52 was reported versus $1.10 expected.
  • Revenue stood at $20 billion, versus $17.49 billion expected.

“I am pleased with the progress made on the health and recovery of the 7-nanometer program,” stated Pat Gelsinger “I am confident that the majority of our 2023 products will be manufactured internally. At the same time, given the breadth of our portfolio, it’s likely that we will expand our use of external foundries for certain technologies and products.”

Pat Gelsinger, Intel’s incoming CEO, informed that the company’s troubled 7-nanometer chip manufacturing technique is on track to be used to make chips sold in 2023. However, he warned that Intel will still likely outsource an increasing amount of chip manufacturing to external foundries.

In the quarter ending in December, the company’s strength in PC sales helped it exceed its own expectations with 33% more PCs with Intel chips were sold than during the same time last year, especially laptops. Sales for Intel’s data center group, which sells chips to enterprises that run servers, declined 16% in the quarter ending in December in comparison to a year ago. Mobileye, Intel’s subsidiary working on self-driving car technology, saw sales rise 39% during the quarter compared to the same time last year.

Intel increased its cash dividend by 5% to $1.39 per share. However, its forecasts for revenue, EPS, and operating margin for Q1 were all down year-over-year.

Intel Corporation (INTC) seeks to expand the boundaries of technology to provide the most amazing experience possible while designing, manufacturing, and selling integrated digital technology globally. To learn more about Intel Corporation (INTC) and to track its progress please visit the Vista Partners Intel Corporation Coverage Page

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(Read Original Story: Intel’s new CEO says troubled chip project is recovering, may still outsource some manufacturing in CNBC)


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