Intel's sales grew by 10% in Q4 from $14.04 billion a year earlier, breaking a seven-quarter streak of declining revenue. The company continues to implement a five-year plan under CEO Pat Gelsinger, aiming to catch up with Taiwan Semiconductor Manufacturing Company in offering manufacturing services to other companies and improving its own branded chips. Despite a two-year slump, the PC industry, which includes Intel's largest division, Client Computing group, showed signs of growth with Intel reporting $8.8 billion in Q4 sales, up 33%.
Key takeaways:
- Intel shares dropped after the company issued a Q1 2024 outlook that fell short of analyst forecasts, despite beating Wall Street estimates for the latest quarter.
- Intel reported a net income of $2.7 billion, breaking a streak of seven quarters with declining revenue, and its shares are up over 74% over the past year.
- Intel is focusing on a five-year plan to catch up to Taiwan Semiconductor Manufacturing Company in offering manufacturing services to other companies and improving its own branded chips.
- Intel's largest division, Client Computing group, reported $8.8 billion in fourth-quarter sales, up 33%, while its second largest division, Data Center and AI, saw sales decline 10% to $4 billion.