Although Intel Corporation (INTC) released its fourth-quarter results before the end of the trading session, its stock price surged in the last minutes of trading. The stock closed 6.5% higher at $62.46, with the company announcing sales during the holidays and an outlook for the first 62.46.
Their net profit was ($5.86 billion) or $0.42 per share in the fourth quarter, compared to ($6.61 billion) or $0.58 per share during the same period last year. The adjusted earnings per share for Intel during the period were $1.52, the same as in the previous year.
With analysts surveyed by FactSet forecasting earnings per share of $1.11 billion with total revenue of $19.98 billion, revenue fell from $20.21 billion in the same quarter of last year. Intel expects earnings per share of $1.10 on revenue of $17 billion.
Intel Corporation (INTC) revenue fell 16% to $6.1 billion in the data centre division, while analysts were expecting $5.48 billion. Intel’s largest and most traditional business, PCs saw a 9% increase to $10.9 billion. The forecast for Intel’s first-quarter 2021 revenue and earnings are $17.5 billion and $1.10 a share, respectively. Revenue of $16.08 billion is expected, with analysts expecting earnings per share of 93 cents.
Pat Gelsinger, a longtime executive team member, was announced last week as the new CEO of Intel Corporation (INTC). He replaces Bob Swan, who is the company’s current CEO.