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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Intel Corporation    INTC

INTEL CORPORATION

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Intel : Hit as Consumers Flock to Lower-Cost Laptops, Datacenter Chips -- Update

10/22/2020 | 05:24pm EST

By Asa Fitch

Chip giant Intel Corp. raised its full-year outlook even as earnings suffered as consumers gravitated to cheaper laptops and demand for datacenters softened.

The company on Thursday said revenue dropped 4% to $18.3 billion after it enjoyed strong sales in the first half of the year. The company's bottom line also suffered, with earnings per share falling to $1.02 in the period from $1.35 a year earlier and falling short of Wall Street's expectation.

Intel's shares fell more than 10% in after-hours trading.

The company's growth has been principally in areas where prices are lower, denting profitability, Intel Chief Financial Officer George Davis said. "We saw much stronger PC demand in the consumer and education side, which tends to be the more entry-level for PC notebooks," he said.

Sales for the massive datacenters that companies, governments and cloud-computing operators use fell 7% to $5.9 billion, the company said, falling short of what analysts surveyed by FactSet forecast. Revenue for the personal-computer focused business rose 1% to $9.8 billion. The company's memory division, most of which it agreed this week to sell to South Korea's SK Hynix Inc. for $9 billion, also reported lower sales.

Although the results missed Wall Street's bottom-line forecast of per-share earnings of $1.04, they beat the top-line projection. Analysts projected sales of around $18.24 billion.

The company raised its full-year guidance, predicting its top line would increase 5% this year and reach $75.3 billion, a record. Intel now projects $4.55 in earnings per share for the year. It previously forecast $75 billion in sales and $4.53 in earnings per share.

"We're forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty," Chief Executive Bob Swan said in a statement.

Write to Asa Fitch at asa.fitch@wsj.com

(END) Dow Jones Newswires

10-22-20 1723ET

Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION 0.85% 47.45 Delayed Quote.-21.39%
SK HYNIX, INC. 2.26% 99400 End-of-day quote.5.63%
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Financials (USD)
Sales 2020 75 333 M - -
Net income 2020 19 309 M - -
Net Debt 2020 21 979 M - -
P/E ratio 2020 10,4x
Yield 2020 2,80%
Capitalization 194 B 194 B -
EV / Sales 2020 2,87x
EV / Sales 2021 2,93x
Nbr of Employees 110 800
Free-Float 99,9%
Chart INTEL CORPORATION
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Intel Corporation Technical Analysis Chart | INTC | US4581401001 | MarketScreener
Technical analysis trends INTEL CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 43
Average target price 54,11 $
Last Close Price 47,45 $
Spread / Highest target 111%
Spread / Average Target 14,0%
Spread / Lowest Target -24,1%
EPS Revisions
Managers
NameTitle
Robert Holmes Swan Chief Executive Officer & Director
Omar S. Ishrak Independent Chairman
Ann-Marie Holmes Vice President-Operations & Manufacturing
George S. Davis Chief Financial Officer & Executive Vice President
Daniel J. McKeon Vice President-Information Technology Group