Later this week, Intel Corp., the Santa Clara, California-headquartered American multinational semiconductor industry giant, had revealed quarterly earnings’ report for fiscal fourth-quarter of the year which had beaten an analysts’ estimates by a wider margin, while the US chipmaker had also raised its profit forecast for the first-quarter of the year, as a sharp uptick in sales largely prompted by a pandemic outbreak that had forced a number of enterprises to shift employees on to work-from-home stature, would likely to sustain at least over the first half of 2021, suggested analysts.
Apart from that, the incoming Intel Corp Chief had also added that most of the company’s 2023 products would be made on its own factories, meaning a drawdown in outsourcing, though, the incoming Intel CEO had also laid out a dual-track production line for the company that might just prompt Intel to rely more heavily on outside factories.
Nonetheless, a lack of robust tone on outsourcing Intel Corp. products from the new CEO Pat Gelsinger which led to beliefs that the company’s growth might be losing momentum, had driven Intel Corp’s shares’ prices down as much as by 10 per cent in pre-market trading on Friday, while in the day’s Wall Street closure, Nasdaq-listed shares of Intel Corp.
rounded off the session down by 9.29 per cent to $56.66.
Intel beats Wall Street estimates, raises Q1, 2021 profit forecast
Notably, despite an offbeat outlook on outsourcing Intel Corp. products, the US chipmaker had raised forecast for first-quarter profit and revenue above Wall St.
estimates, as the semiconductor industry behemoth was looking to benefit more from a global-scale pandemic-driven shift to working, studying and playing from home. Nevertheless, according to Intel Corp’s quarterly earnings’ report for the fourth fiscal quarter that ended on December 31, despite an unprecedented plunge at its cloud computing businesses that fell as much as by 15 per cent on an annualized basis, the chipmaker posted a $20 billion in fourth-quarter revenue, while Intel had also reported a net income of $1.52 per share, well-above Wall Street estimates.