Intel (INTC) reported 3rd Quarter September 2020 earnings of $1.11 per share on revenue of $18.3 billion. The consensus earnings estimate was $1.10 per share on revenue of $18.2 billion. The Earnings Whisper number was $1.19 per share. Revenue fell 4.5% compared to the same quarter a year ago.
The company said it expects fourth quarter earnings of approximately $1.10 per share on revenue of approximately $17.40 billion. The current consensus earnings estimate is $1.08 per share on revenue of $17.28 billion for the quarter ending December 31, 2020.
Intel Corporation is a semiconductor chip maker. It develops integrated digital technology products like integrated circuits, for industries such as computing and communications.
Intel Reports Third-Quarter 2020 Financial Results
SANTA CLARA, Calif., October 22, 2020 -- Intel Corporation today reported third-quarter 2020 financial results.
"Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business,” said Bob Swan, Intel CEO. “Nine months into 2020, we’re forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty. We remain confident in our strategy and the long-term value we’ll create as we deliver leadership products and aim to win share in a diversified market fueled by data and the rise of AI, 5G networks and edge computing.”
- Third-quarter revenue of $18.3 billion was above July expectations, down 4 percent year-over-year (YoY). Data-centric revenue* declined 10 percent while PC-centric revenue was better than expected, up 1 percent YoY.
- Third-quarter GAAP earnings-per-share (EPS) was $1.02, down 25 percent YoY; non-GAAP EPS of $1.11 was down 22 percent YoY, above July expectations.
- Year-to-date, generated $25.5 billion cash from operations and $15.1 billion of free cash flow and paid dividends of $4.2 billion.
- Announced agreement to sell Intel NAND memory and storage business to SK hynix for $9.0 billion.1
- Raising full-year revenue and earnings expectations from July guidance. Expecting 5 percent top-line growth YoY in 2020 with full-year revenue of $75.3 billion; GAAP EPS of $4.55 and non-GAAP EPS of $4.90.
For the full earnings release, please go here.