Intel Says Fourth-Quarter Revenue, Earnings Will Top Guidance
January 13 2021 - 10:31AM
Dow Jones News
By Colin Kellaher
Intel Corp. on Wednesday said it expects to report
fourth-quarter revenue and earnings above its prior guidance.
The chip giant in October had said it expected adjusted earnings
of $1.10 a share on revenue of about $17.4 billion.
Analysts polled by FactSet, on average, are expecting an
adjusted profit of $1.10 a share on revenue of $17.45 billion.
Intel, which is slated to report its fourth-quarter earnings on
Jan. 21, updated its guidance as it announced the ouster of Bob
Swan as chief executive. VMWare Inc. CEO Pat Gelsinger will replace
Mr. Swan on Feb. 15 in a move that comes after activist hedge fund
Third Point LLC urged sweeping changes at the company.
Intel said the change at the top isn't related to its financial
performance last year.
Shares of Intel rose 7.6% to $57.27 in early trading
Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 13, 2021 10:16 ET (15:16 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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