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Key Takeaways
- Intel’s fourth-quarter earnings came in at $2.7 billion or 63 cents per diluted share, beating analyst expectations.
- The company’s revenue grew to $15.4 billion helped by a $291 million showing by the Foundry and Data Center businesses.
- Intel’s forecast was dour, as the company expects first-quarter revenue of $12.2 billion to $13.2 billion.
Intel earnings beat analysts expectations but the company’s dour outlook overshadowed the report.
The chipmaker reported fourth-quarter earnings of $2.7 billion or 63 cents per diluted share, beating analyst expectations. The company’s revenue grew to $15.4 billion helped by a $291 million showing by the Foundry and Data Center businesses.
However, stocks fell 6% in after-market trading on a forecast of first-quarter revenue of $12.2 billion to $13.2 billion.
| Q4 2023 | Analyst Estimates for Q4 2023 | Q4 2022 | |
|---|---|---|---|
| Revenue | $15.4 billion | $15.17 billion | $14.04 billion |
| Diluted Earnings (Loss) Per Share | $0.63 | $0.45 | ($0.16) |
| Net Income (Loss) | $2.7 billion | $960 million | (660 million) |
“In 2024, we remain relentlessly focused on achieving process and product leadership, continuing to build our external foundry business and at-scale global manufacturing, and executing our mission to bring AI everywhere as we drive long-term value for stakeholders,” said Intel CEO Pat Gelsinger in a prepared statement
Business Spotlight
Intel has benefited from the surge in interest in AI. Along with competitors Nvidia ( NVDA ) and Advanced Micro Devices ( AMD ), Intel has seen its stock soar over the last year. Bank of America expects the semiconductor industry to continue its explosive growth in the next year.
In the fourth quarter, the company released its Intel Core Ultra processors designed to allow PC users to run AI workloads.