Intel Corp. (NASDAQ: INTC) topped revenue and earnings estimates for the fourth quarter of 2019, sending shares soaring 6.8% in aftermarket hours on Thursday.
Total revenue grew 8% year-over-year to $20.2 billion, beating forecasts of $19.2 billion.
GAAP net income increased 33% to $6.9 billion and EPS rose 40% to $1.58. Adjusted net income rose 13% to $6.7 billion while adjusted EPS grew 19% to $1.52. Analysts had estimated adjusted EPS of $1.25.
During the quarter, revenues in the DCG segment increased 19%, aided by strong demand from cloud service provider customers and a strong mix of high-performance 2nd-Generation Intel Xeon Scalable processors. Revenues in the IOTG division improved 13% helped by momentum in retail and transportation.
Mobileye revenues jumped 31% year-over-year due to an increase in ADAS adoption. Revenues in NSG was up 10% due to NAND and Intel Optane bit growth. PSG revenue fell 17% year-over-year. Revenues in the CCG segment increased 2% helped by higher modem sales and desktop platform volumes.
For the first quarter of 2020, Intel expects revenue of approx. $19 billion. GAAP EPS is expected to be $1.23 while adjusted EPS is expected to be $1.30. Revenue is expected to be approx. $73.5 billion for the full year of 2020. EPS, on a GAAP basis, is estimated to be $4.71 and, on an adjusted basis, is projected to be $5.00.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.