Intel Corp. (NASDAQ: INTC) reported fourth-quarter financial results after markets closed Thursday. The firm said that it had $1.52 in earnings per share (EPS) and $20.21 billion in revenue, compared with consensus estimates that called for $1.25 in EPS and $19.23 billion in revenue. The same period from last year had $1.28 in EPS and $18.66 billion in revenue.
For the quarter, data-centric businesses achieved record revenue, led by record Data Center Group (DCG) revenue. DCG revenue grew 19% year over year, driven by robust demand from cloud service provider customers and a continued strong mix of high-performance processors.
Internet of Things Group (IOTG) revenue was up 13% on strength in retail and transportation. Mobileye achieved record revenue, up 31% year over year on increasing ADAS adoption.
Intel’s memory business (NSG) was up 10% on continued NAND and Intel Optane bit growth. PSG fourth-quarter revenue was down 17%.
The PC-centric business (CCG) was up 2% on higher modem sales and desktop platform volumes.
Looking ahead to the first quarter, the company expects to see EPS of $1.30 and revenues over $19.0 billion. Consensus estimates call for $1.04 in EPS and $17.19 billion in revenue for the quarter.
Bob Swan, Intel’s CEO, commented:
In 2019, we gained share in an expanded addressable market that demands more performance to process, move and store data. One year into our long-term financial plan, we have outperformed our revenue and EPS expectations. Looking ahead, we are investing to win the technology inflections of the future, play a bigger role in the success of our customers and increase shareholder returns.
Shares of Intel closed Thursday at $63.32, with a 52-week range of $42.86 to $63.68. The consensus analyst price target is $58.28. Following the announcement, the stock traded up 7.5% at $68.06 in the after-hours session.
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