Intel reveals higher than expected profits as new CEO takes the helm

Chip producer Intel has revealed outstanding economical outcomes, which include revenue and gain figures far earlier mentioned business expectations. 

Though 2020 would not be viewed as a stellar organization calendar year for Intel in normal situations offered the substantial economic disruption brought on by the coronavirus pandemic, the agency can be delighted with its economical outcomes for both equally This fall 2020 and the calendar year in total. The corporation revealed that revenue declined by 1% in the fourth quarter to $19.ninety eight billion but this was appreciably earlier mentioned predictions of $seventeen.five billion.

All of the company’s organization units experienced declines in the fourth quarter, apart from for PCs and chips for autonomous motor vehicles. Impressively, when 2020 was analyzed in full, Intel’s revenue improved eight% calendar year-on-calendar year, achieving $seventy seven.nine billion. It was the company’s fifth calendar year in a row publishing document revenue figures.

Beating expectations

We appreciably exceeded our expectations for the quarter, capping off our fifth consecutive document calendar year,” Bob Swan, Intel’s outgoing CEO, explained.

“Demand for the computing efficiency Intel delivers continues to be quite powerful and our emphasis on progress chances is paying out off. It has been an honor to direct this superb corporation, and I am happy of what we have obtained as a staff. Intel is in a powerful strategic and economical position as we make this leadership changeover and consider Intel to the future amount.”

Though the departing Swan can be happy of the company’s fourth quarter economical outcomes, new CEO Pat Gelsinger will even now have a difficult obstacle on his hands. In unique, he may need to shift the company’s emphasis somewhat just after Apple determined to no-for a longer time use Intel chips in its Mac pcs just after a fifteen-calendar year partnership.

1 matter in Gelsinger’s favor is the fact that he has in depth awareness of Intel, owning worked at the corporation for thirty decades in advance of leaving to become president and COO at EMC and afterwards VMware’s CEO. Gelsinger may need to tap into that corporation awareness if he is to repeat past year’s outstanding economical outcomes in 2021.