Intel Corp. recorded record annual revenues, but retained offering a year-round forecast for this year before the arrival of a new CEO at some point, the semiconductor giant seems to be defending itself from competitive pressures and rebuilding its technological leadership.
The company posted sales of $ 77.9 billion for 2020 on Thursday, up from $ 72 billion in the previous year and ahead of $ 75.4 billion expected by Wall Street. While Intel has seen an increase in demand for PCs in the home economy, much of the additional purchases have focused on lower-cost laptops that are not as profitable. Net income for 2020 reached $ 20.9 billion, down from $ 21.1 billion in the previous period.
Intel shares rose more than 6% late Thursday after boosting their cash dividend.
Earnings mark the end of a challenging but profitable year for the semiconductor giant, which has seen it overtaken in market evaluation by rival Nvidia Corp., abandoned by Apple Inc. as a supplier of Mac chips, it is losing market share and facing activist investor Third Point LLC, which is pushing for strategic change.
Bob Swan, the outgoing CEO, said: “Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level.”