Intel posts record fourth-quarter revenue, misses on earnings

By Chavi Mehta and Jane Lanhee Lee

(Reuters) -Chipmaker Intel Corp (NASDAQ:) delivered record fourth-quarter revenue, but its forecast for first-quarter earnings fell short of Wall Street expectations.

Intel shares, which were down about 3%, recovered some ground in after hours trading.

The world’s largest chipmaker forecast earnings per share of 80 cents, compared to an expectation of 86 cents, according to IBES data from Refinitiv.

The outlook overshadowed fourth-quarter results, which Tony Balow, Intel’s vice president of investor relations, said was a record and surpassed expectations. Adjusted revenue in the quarter was $19.5 billion, above an expectation of $18.3 billion and adjusted earnings per share was $1.09, ahead of the 91 cents per share expectation.

“We continue to see robust demand across all of our businesses. And then we see superb execution by our factory network, allowing us to go meet that demand in this challenging environment,” Balow told Reuters after the earnings were released.

The company expects first-quarter revenue of $18.3 billion, above analysts’ average estimates of $17.62 billion, according to IBES data from Refinitiv.

The forecast places bets on its in-house chip-making capacity to meet strong demand from PC, data center and artificial intelligence markets even through a global semiconductor supply crunch.

Intel, one of the few semiconductor firms that designs and makes its own chips, has been in a better position to weather the supply chain challenges.

Last week, Intel announced it https://www.reuters.com/technology/intel-plans-new-chip-manufacturing-site-ohio-report-2022-01-21 was investing $20 billion for two chip factories in Ohio that could eventually become the world’s largest chip making complex with up to eight factories.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.