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The shares of Intel Corp. rebounded to close higher in the closing minutes of trading on Thursday after the chipmaker unexpectedly released quarterly results before the end of the trading session.
Intel INTC,
shares rebounded to close 6.5% higher at $ 62.46 after posting holiday sales and outlook that beat expectations, and slipped 2% in after-hours activity. The chipmaker reported fourth-quarter net profit of $ 5.86 billion, or $ 1.42 per share, compared to $ 6.91 billion, or $ 1.58 per share, the year before. After adjusting for restructuring and acquisition costs, Intel reported earnings of $ 1.52 per share, stable from a year ago.
Revenue fell to $ 19.98 billion from $ 20.21 billion in the quarter last year. Analysts polled by FactSet had estimated adjusted earnings of $ 1.11 per share on revenue of $ 17.53 billion, while Intel had forecast adjusted earnings of $ 1.10 per share on a single figure. business of approximately $ 17.4 billion.
Intel’s data center group saw its revenue drop 16% to $ 6.1 billion, while analysts forecast $ 5.48 billion. Intel’s largest segment – client computing, the traditional PC group – rose 9% to $ 10.9 billion, with analysts predicting $ 9.57 billion.
Intel reported that revenue from non-volatile memory solutions fell 1% to $ 1.2 billion, while Wall Street forecast $ 1.08 billion. “Internet of Things,” or IoT, revenue fell 16% to $ 777 million, from $ 764.2 million forecast. Mobileye’s revenue rose 39% to $ 333 million, while Street forecast $ 234.2 million.
For the first quarter, Intel forecast adjusted revenue of $ 17.5 billion and adjusted earnings of $ 1.10 per share. Analysts on average expect adjusted first-quarter earnings of 93 cents per share on revenue of $ 16.08 billion.
“The demand for the computing performance offered by Intel remains very strong and our focus on growth opportunities is paying off,” Bob Swan, outgoing general manager of Intel, said in a statement.
Last week, Intel announced that Pat Gelsinger is returning to the company to take over as CEO of Swan.
Over the past 12 months, Intel shares have gained 3%, while the Dow Jones Industrial Average DJIA,
– which counts Intel as a component – is up 7%, the S&P 500 SPX index,
is up 16%, the Nasdaq Composite Index COMP,
is up 44%, and the PHLX Semiconductor SOX index,
is up 64%.
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