PC market soars, driving Intel s revenue and profits unexpectedly higher
Tech giant expects PC market to grow further, but just more slowly Credit: Dreamstime
Outgoing Intel CEO Bob Swan previously told PCWorld that he was worried that, when the pandemic hit, PC sales would drop off a cliff. As Intel’s fourth-quarter earnings revealed, the exact opposite occurred.
Intel reported $5.9 billion in profits and $20 billion in revenue for the fourth quarter of 2020, with profits down by 15 per cent and revenue essentially flat. But those numbers far exceeded analyst expectations, and the PC was primarily the cause.
“Fourth-quarter revenue exceeded prior expectations by $2.6 billion driven by record PC-centric revenue, with PC unit volumes up 33 per cent year-over-year led by record notebook sales,” Intel said in a statement in advance of a conference call with analysts on Thursday afternoon. In a related presentation for Wall Street analysts, Intel broke down the PC
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Intel has released its latest set of financials, covering its financial Q4 and FY 2020 accounting periods. Headlining revelations are: Intel recorded record full year revenue; the strength of PC sales, particularly laptops, helped Intel exceed its own expectations; and incoming CEO Gelsinger said that Intel 7nm was on track for the majority of products in 2023.
The latest results arrived rather dramatically. There were reports that the results had been hacked and released ahead of the closure of the stock markets yesterday in the US, so Intel published the results for all to analyse 15 minutes ahead of the markets closing, to help prevent any trader advantage. To be clear, these results statements are usually released after the bell . The shares shot up by as much as 6.5 per cent in this short remainder of regular trading time. However, things have calmed after-hours, with the price moving down about 2 per cent.
Intel posted better than expected results in the fourth quarter as revenue hit $20 billion while full-year revenue for 2020 set an all-time record of $77.9 billion, up eight per cent year-on-year.Fourth-quarter revenue exceeded prior .