Intel Corp. achieved annual records, but put forward a full annual forecast for this year before the arrival of a new CEO, who seemed to be defeating the semiconductor giant and rebuilding its technological leadership.
The company posted sales of $ 77.9 billion for 2020 on Thursday, up from $ 72 billion the previous year and ahead of the $ 75.4 billion expected by Wall Street. Although Intel has benefited from a surge in demand for computers in the work-from-home economy, many of the extra purchases have focused on lower-cost laptops that are not as profitable. Net revenue for 2020 is $ 20.9 billion, compared to $ 21.1 billion the previous year.
Intel shares rose more than 6% late Thursday after also raising its cash dividend.
The earnings are the end of a challenging but profitable year for the semiconductor giant that rivals Nvidia Corp. exceeded in the market valuation, provided by Apple Inc. as supplier for Mac chips has been downgraded, has lost market share and activist investor Third Point LLC is pushing for strategic changes.
Former CEO Bob Swan said: “Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level.”