FILE PHOTO: The Intel Corporation logo is seen on a display in a store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo
January 26, 2022
By Chavi Mehta and Jane Lanhee Lee
(Reuters) -Chipmaker Intel Corp 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.
(Reporting By Chavi Mehta and Jane Lanhee Lee; Editing by Bernard Orr)
Source: One America News Network
