Intel posted better than expected results in the fourth quarter as revenue hit $20 billion while full-year revenue for 2020 set an all-time record of $77.9 billion, up eight per cent year-on-year.
Fourth-quarter revenue exceeded prior expectations by $2.6 billion driven by record PC-centric revenue with PC unit volumes up 33 per cent year-over-year led by record notebook sales, Intel said on Thursday.
“We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year,” Bob Swan, Intel CEO, said in a statement.
The company said it also achieved better-than-expected data-centric results, including record Mobileye revenue.
The year 2020 marked Intel’s fifth consecutive year of record revenue.
The Client Computing Group, Data Center Group, Non-volatile Memory Solutions Group, and Mobileye all achieved record full-year revenue.
In 2020, Intel said it invested $13.6 billion in research and development and $14.3 billion in capital expenditures while focusing to strengthen its core CPU business, improve execution and accelerate growth.
“Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off,” Swan said.
“It has been an honor to lead this wonderful company, and I am proud of what we have achieved as a team. Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level.”
Intel last week announced that its board of directors has appointed 40-year technology industry leader Pat Gelsinger as its new chief executive officer, effective February 15.
Gelsinger will also join the Intel board of directors upon assuming the role. He will succeed Swan, who will remain CEO until February 15.
Ahead of Intel disclosing its fourth quarter results, an infographic in its earnings material got leaked.
Intel told CNBC that it was investigating how the infographic got out.