Intel beat forecast, stock rises 6.5%

Despite the results that beat forecasts, this is a symbolic reduction of 1% in revenue compared to the same quarter last year, at a time when demand for personal computers is as high as it has not been for years. Meanwhile, the company’s net profit dropped nearly 15 percent to $ 5.9 billion. Earnings per share were $ 1.42, compared to analysts’ earnings forecast of $ 1.11. Overall, during 2020, the company’s income grew 8% compared to 2019 and reached $ 77.9 billion, and net profit declined 1% to $ 20.9 billion.

Intel’s last quarter survived the company’s PC activity, growing 9% to $ 10.9 billion. Israeli subsidiary Mobilai also contributed its share, recording a significant 39% increase in revenue to $ 333 million. In 2020, Mobilai’s activity grew by 10% and brought in $ 967 million for Intel.

In the current quarter, Intel expects to post revenue of $ 18.6 billion, a figure that would decrease compared to the first quarter of 2020 when its revenue was $ 19.8 billion.

“We have significantly exceeded our expectations for this quarter, ending a fifth consecutive year,” said outgoing Intel CEO Bob Swan, who will be replaced by Pat Glesinger. It was an honor to lead a wonderful company, and I am proud of what we achieved as a team. “Intel is in a strong strategic and financial position as we make leadership changes to take Intel to the next level.”