Intel forecasts 2020 revenue above estimates, shares rise 7%

(Reuters) - Intel Corp forecast full-year revenue above analysts' estimates on Thursday after beating fourth-quarter earnings expectations, powered by its closely watched data centre and PC chips businesses, sending its shares up nearly 7%.

Reuters January 24, 2020 03:08:16 IST
Intel forecasts 2020 revenue above estimates, shares rise 7%

Intel forecasts 2020 revenue above estimates shares rise 7

(Reuters) - Intel Corp forecast full-year revenue above analysts' estimates on Thursday after beating fourth-quarter earnings expectations, powered by its closely watched data centre and PC chips businesses, sending its shares up nearly 7%.

The positive outlook from one of the biggest chipmakers is likely to cement what analysts had already started to see as a recovery year for semiconductors, largely driven by 5G spending for both smartphones and network upgrades.

The Santa Clara, California-based chipmaker expects fiscal year 2020 revenue of about $73.5 billion (56 billion pounds), compared with analysts' average estimate of $72.25 billion, according to IBES data from Refinitiv.

Revenue from Intel's client computing business, which caters to PC makers and is still the biggest contributor to sales, rose 2 percent to $10 billion in the fourth quarter, beating FactSet estimates of $9.74 billion.

Revenue from its high-margin data centre business rose 19 percent to $7.2 billion in the quarter, while analysts on average had expected $6.40 billion, according to FactSet.

(Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Maju Samuel)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Apple will enable storage of IDs like drivers licenses on iPhones
Business

Apple will enable storage of IDs like drivers licenses on iPhones

By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.

Airline bosses call on UK and U.S. to lift trans-Atlantic travel restrictions
Business

Airline bosses call on UK and U.S. to lift trans-Atlantic travel restrictions

LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.

EU patience wearing thin with UK on N.Ireland, weighing options
Business

EU patience wearing thin with UK on N.Ireland, weighing options

BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.